Among continued signs that the steepest of the declines may be over, falling median prices for Miami homes for sale in South Florida were boosted in August versus a year ago. The figures were in contrast to national numbers, which showed a dip in sales for the first time in four months.
The Florida Association of Realtors reported, in August Miami homes for sale were up 22%, while the median price was $194,800, a slide of 29% versus a year ago. Miami condos for sale also rose by 17% as median condo prices dropped 31% to $144,700.
In Broward you see a similar pattern, where Miami homes for sale were up 35%, while the median price dropped 20% to $217,000. Miami condos for sale rose 61%, with the median price falling 36% to $85,100.
Those numbers matched figures statewide. Florida sales prices dropped 22%to $147,400 for Miami homes and 32% to $107,500 for condominiums, as sales rose 28% and 45%, respectively.
Prices have bottomed out since the beginning of the year. Month-to-month declines have slowed and even showed gains in some periods, as higher-priced homes are snapped up and distressed properties draw multiple bidders.
The number of unsold Miami homes and Miami condos for sale also continued to shrink, according to data provided by EWM Realtors.
Nationally, however, existing home sales fell last month after four months of increase.
According to the National Association of Realtors said sales dropped 2.7% to a seasonally adjusted annual rate of 5.1 million in August, from a pace of 5.24 million in July. Sales had been expected to rise to an annual pace of 5.35 million, according to economists surveyed by Thomson Reuters.
Contributed by MLR Realty
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