A low price was not a bottom signal
FHFA’s all-transactions index for the Miami division stood at 195.88 in Q1 2010 after the housing bust. It still fell to 180.64 in Q2 2011, a further decline of about 7.8%, so an early buyer had to tolerate more weakness before the long recovery visible in later data.
What the index can—and cannot—say
The same series reached 666.21 in Q2 2026, documenting a large change in the metro average. It does not establish the return on a particular house: property type, block, financing, insurance, taxes, maintenance, improvements, rent, transaction costs, and later data revisions all sit outside that neat line.