Homes sales in the Miami area fell slightly from year-ago levels in April, but still increased from March, DataQuick said in a new report.
The research firm reported 9,752 closings on new and resale homes in Miami during April, up 2.2% from the 9,539 homes sold in the previous month and down 0.2% from the 9,767 homes recorded a year earlier.
The decline in sales year-over-year is attributed to a reduction in the sale of home prices in the sub-$200,000 range.
April’s total sales were 14.5% below the average number of sales recorded in April 1997.
Total home sales in the Miami area dropped 10.6% year-over-year on homes priced below $100,000 and fell 4.5% for homes priced below $200,000.
In the past four months, DataQuick noted year-over-year decreases in the sub-$200,000 range, suggesting the lower end of the housing market is no longer picking up speed.
Meanwhile, sales in the $200,000-to-$600,000 price range saw a 7.5% annual gain in April, while the number of homes sold above the $800,000-price range increased 18% from the same month last year.
The multi-million dollar luxury market saw 101 homes sold in April for $2 million or more. That is up 36.5% from both March and a year earlier.
The area’s median sales price also increased to $140,000 in April, the highest level since November 2010 and is 3.7% higher than the $134,950 from the previous month and up 12% from $125,000 a year earlier.