With Fort Lauderdale leading the way existing Miami condos also are selling. Sales rose 58%, to 933 in June from 591 a year ago. The median price in June dove 46%, to $83,900 from $156,200 a year-ago. However, Miami condos prices were up from May’s median of price of $80,400.
In West Palm Beach existing condo sales rose 29%, to 746 from 577. The median price slid 24%, to $116,400 from $153, 2000, but was up from May’s median price of $107,500.
Exhisting Miami condos sales rose 19%, to 645 from 542. The median price of a condo in Miami rose to $141,000 in June from $140,400 in May, but fell by 49% from a year ago, when the median price was $275,600.
According to FAR, existing home sales rose 28% statewide last month, with a total of 15,850 homes sold statewide, compared with 12,339 homes sold in June 2008.
In June Miami condos sales also rose statewide 39%, to 5,241 from 3,771. Existing condo sales last month rose 8.3 percent over the total units sold in May.
Florida's median sales price for existing homes last month fell 28%, to $148,000 from $205,300.
In June however, the statewide existing home median price increased 2.49% over May's median price and was higher than the statewide median price reported each month since the start of 2009.
Real estate analyst, Jack McCabe noted “Yes, we have seen an increase statewide in sales of 28%, but we have also seen a drop in the sales price by that amount,"
He points out that the person, who purchased a home a year ago, when the median home price was $205,500, is now about $57,000 in the hole.
“We are starting to see glimmers of hope that six months ago weren’t visible," McCabe said.
According to the National Association of Realtors, an existing home sale rose 3.6% nationwide, to a seasonally adjusted rate of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but was still 0.2 percent lower than in June 2008.
In June, the national median existing home price was $181,800 which was down 15.4% from a year ago.
The National Association of Realtors latest housing industry outlook notes the $8,000 tax credit for first-time homebuyers is boosting the sector. "Strong activity by entry level buyers is helping to absorb inventory and allow some existing owners to make a trade," NAR Chief Economist Lawrence Yun said in a news release. But, he added, “the increase in sales is less than expected because poor appraisals are stalling transactions. The big question is how much the appraisal issue will impact the ability of contracts to go to closing.
Contributed by MLR Realty
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