Miami Home Sales Climb Sharply in June, Resales Leading the Way
Homes sales around Miami rose sharply in June, up 7.1% from May to June 2010, as a result of low prices, low mortgage rates and what was likely the final big boost from federal home buyer tax credits, according to MDA DataQuick. The firm reported many record highs for the metropolitan area, including a five-year high of existing condo sales, 4,355 total, up 15.2% from May and up 33% from June 2009, and the highest total escrow closings since 2007, 9,296 new and resale houses and condos; up 18.3% from May and up 20.4% from last June. Most sales accounted for in June were existing resales, the combination of houses and condos the highest for the month of June since 2006. The median price for new and resale homes and condos in June was $150,000, up 1.4% from $148,000 in May but down 6.3 percent from $160,000 in June 2009. The median price paid for resale condos in June was $100,000, nearly unchanged from $100,150 in May and down 4.8 percent from $105,000 in June 2009, while the median paid for resale single-family detached houses held at $185,000, the same as in May but down 1.5 percent from $187,750 a year ago. The Miami area’s median price has fallen on a year-over-year basis for 33 consecutive months. Resales have risen year-over-year for 19 consecutive months. 3.1% of the homes hold had been flipped on the market within a six-month period. Higher prices brackets saw an increase sales as well, reporting a 13.4% climb from May to 262 sales of homes prices over $1m, up 21.% from June 2009. Sales have increased year-over-year for 16 consecutive months. Write to Christine Ricciardi.