Miami home sales surge 25% over year ago: DataQuick
Miami home sales spiked 25% in August as high-end buyers and those looking for sales below $200,000 jumped into the market, DataQuick said Tuesday. Miami sales also benefited from the fact that August had more sales days on the calendar. During the month-long stretch, 9,638 sales were recorded in Miami, up 9.3% from July and 25% from August 2010. The market gained buyers in the below $200,000 segment and the above-$800,000 space. The overall median sales price fell year-over year for the 47th consecutive month, hitting $132,000, down 2.9% from July and 5.7% from a year ago. Looking at the multimillion-dollar luxury market alone, 64 houses and condos sold for $2 million or more in August. That is down 17.9% from July but up 36.2% from a year earlier. About 39.4% of the transactions carried out in August used low down payment, first-time homebuyer financing options. That is up from 37.9% in July and down from 44.3% a year ago. Meanwhile, absentee buyers acquired 38.1% of all homes sold in August, up from 37.5% in July and 35.7% from Aug. 2010. On average, these buyers paid a median price of $90,000 for properties. Absentee buyers include investors, second-home purchases and others who had a different address on their property tax bill at the time of the sale. Write to Kerri Panchuk.