Magazine article Mortgage Banking

Miami Home Sales Jump, Prices Fall, in August

Magazine article Mortgage Banking

Miami Home Sales Jump, Prices Fall, in August

Article excerpt

San Diego--based DataQuick reported that Miami-area home sales spiked in August, paced by especially large gains in low-end and high-end homes. Overall, home sales in the Miami area in the month of August jumped by 25 percent from year-earlier levels. The company said the median sale price dropped on a year-over-year basis for the 47th consecutive month.

For the metro area comprised of Miami-Dade, Palm Beach and Broward counties, a total of 9,638 new and existing houses and condos sold during August. That was up 9.3 percent from the month before and up 24.9 percent from August 2010. That made August 2011 the best in five years for the month of August in the Miami housing market, DataQuick said.

New-home sales remain depressed in this market, due to competition from distressed sales and the overall resale home market. DataQuick reported that the number of existing single-family houses and condos sold in August was the highest for that month since 2005. The company noted it was only 6.2 percent below the average for the month of August since 1997.

The big jump in sales from a year ago was fueled by the fact that year-ago August sales numbers reflected the drop-off in sales in the aftermath of the homebuyer tax credit programs. …

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