Miami home prices up 11.3% in a year

Home prices in the Miami area rose 11.3 percent in August from a year earlier, beating a national average gain of 4.6 percent, according to CoreLogic.

Excluding distressed sales, home prices in the Greater Miami area, including Miami, Miami Beach and Kendall, rose 9.9 percent in August from a year earlier, the Santa Ana, Calif.-based data firm reported.

Miami area prices ticked up 0.1 percent in August from July.

Florida prices rose 6.9 percent statewide in August from a year earlier, or 6.3 percent excluding distressed deals, the firm said.

The national price gain year over year was the largest in more than six years.

Nationwide home prices, excluding distressed transactions, rose 4.9 percent year over year in August.

Among the metropolitan areas where home prices are recovering faster than Miami are Phoenix-Mesa-Glendale, Az., which logged year-over-year gains of 21.8 percent in August, CoreLogic reported.