Magazine article Mortgage Banking

Miami New-Home Sales Hit Record Low for July

Magazine article Mortgage Banking

Miami New-Home Sales Hit Record Low for July

Article excerpt

DataQuick, San Diego, reported that the Miami-Fort Lauderdale-Miami Beach metropolitan statistical area (MSA) saw new-home sales plunge by 29.2 percent in July from a year earlier. Only 459 new homes closed escrows in July compared with 648 in July 2010.

The company said that marked the "lowest new-home tally on record for July." In a press release, DataQuick noted, "Last month's [July] new-home sales made up just 5.2 percent of all transactions--close to an all-time low and far below the new-home market's decade-long average of roughly 19 percent of total monthly sales."

Canadian buyers are showing up in big numbers to purchase the Miami MSA's real estate. Overall foreign buyers accounted for about 5.5 percent of all homes sold in the Miami region in July 2011. And of foreign buyers who could be identified, roughly 73 percent had mailing addresses in Canada, according to DataQuick.

Condo sales in the Miami MSA were down by 13. …

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