Miami home sales declined 7% year-over-year in March as the number of sales in the sub-$200,000 home-price range declined, DataQuick said Wednesday.
The median sales price for the region remained flat at $134,950 when comparing March to February, but increased year-over-year for the third consecutive month in a row, the real estate research firm said.
In March, 9,541 houses and condos closed in escrow in the counties of Miami-Dade, Palm Beach and Broward. That is up 24% from February and is down 6.9% from a year ago.
DataQuick said it's normal for Miami area home sales to increase between the months of February and March as seasonal changes spur more activity. Sales between those months generally increase 30.9% each year, the research firm said.
Homes in the sub-$100,000 price range saw March sales in Miami drop 17.2%. In the sub-$200,000-price range sales declined 11.1%, while sales in the $200,000-to-$600,000-range increased 5.5% over last year.
The number of homes that sold in the above-$800,000 price range declined 7.9% from 2011.
The multi-million-dollar luxury market attracted new buyers with 74 homes sold in the $2-million-plus price range, up 34.5% from the previous month.