Magazine article Mortgage Banking

Miami-Area Home Sales Dip in January

Magazine article Mortgage Banking

Miami-Area Home Sales Dip in January

Article excerpt

San Diego-based DataQuick re ported that Miami-area home sales declined 17.1 percent from the prior month and were down 3.3 percent from the year - ago level. The company noted that sub $200,000 property sales fell, while the numbers for mid to high end transactions posted annual gains.

The data historically show a drop from December to January, the company said. The drop has aver aged 19.1 percent since 1997, so the 17.1 percent drop recorded in January 2012 was slightly better than the pattern.

The median sale price rose on a year-over-year basis for the first time in 52 months, DataQuick reported.

DataQuick noted that January's total sales were 19 percent lower than the average sales tally of 9,187 since 1997, when the company started recording complete Miami-area statistics. But if new homes are excluded; the tally of homes and condominiums closing escrow was just 3.3 percent below the historical average for the month of January.

New-home sales in the Miami region were the second-lowest on record for any January since numbers were collected by DataQuick. On a somewhat positive note, new- ome sales have risen on a year over-year basis for the past three months, the company noted.

The first month of this year saw 7,443 new and resale houses and condos close escrow in the metro area, including Miami-Dade, Palm Beach and Broward counties. January sales posted year over year gains in the middle and top of the market, yet declines at the bottom of the market. …

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