South Florida's housing and Miami homes surpassed Broward County in February with solid monthly gains in both single-family and condo prices.
In Broward, sales of existing single-family homes was up 8% from January to February and median prices went to $186,700 an increased of 4%. During the period condominium sales were up 5% and median prices increased 3% to $71,500.
The number for Miami homes sold was up just 2% from January to February and median prices were $191,100, up 4%. Miami condos for sale, however, were stagnant and only up 1% from last month and median prices fell 11% to $126,100.
Florida Realtors released these figures Tuesday and were in contrast to the national home sales figures, which resided for the third straight pushing sales down to the lowest level since last July. There is concern that the fragile housing rebound could weaken and make it harder for the overall economy to recover.
Across the nation in February, sales of previously occupied homes dropped 0.6% to an adjusted annual rate of 5.02 million, according to the National Association of Realtors. With the median home price dropping by 1.8% percent from a year ago to $165,100 it has been partial cause for the by the weakness in sales.
The Associated Press contributed to this report.
Contributed by MLR Realty
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