Miami home sales jump, prices fall, in August






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Publication: Mortgage Banking
Date published: November 1, 2011

San Diego-based DataQuick reported that Miami-area home sales spiked in August, paced by especially large gains in lowend and high-end homes. Overall, home sales in the Miami area in the month of August jumped by 25 percent from year-earlier levels. The company said the median sale price dropped on a year-over-year basis for the 4/th consecutive month.

For the metro area comprised of Miami-Dade, Palm Beach and Broward counties, a total of 9,638 new and existing houses and condos sold during August. That was up 9.3 percent from the month before and up 24.9 percent from August 2010. That made August 201 1 the best in five years for the month of August in the Miami housing market, DataQuick said.

New-home sales remain depressed in this market, due to competition from distressed sales and the overall resale home market. DataQuick reported that the number of existing single-family houses and condos sold in August was the highest for that month since 2005. The company noted it was only 6.2 percent below the average for the month of August since 1997.

The big jump in sales from a year ago was fueled by the fact that yearago August sales numbers reflected the drop-off in sales in the aftermath of the homebuyer tax credit programs. August 201 1 also had more selling days than August 2010 or July 201 1.

The August median home price for the overall Miami-area market for all new and resale houses and condos was $132,000 - down 2.9 percent from July and down 5.7 percent from a year earlier. But the median price in August was down a hefty 54.5 percent from the peak in June 2007 of $290,000.

Luxury home sales were up in August from a year ago. In August, 64 houses and condos sold for $2 million or more - up 36.2 percent from August 2010. For the first eight months of 2011, 581 homes sold for $2 million or more, which was an increase of 17.6 percent from yearago levels.

Sales of homes priced above $800,000 jumped by 33.2 percent in August compared with August 2010. And the number of homes that sold for less than $200,000 in August also increased from last year's levels, rising by 27. 3 percent.

The number of home sales in the Miami market that were financed with Federal Housing Administration loans rose slightly to 39.4 percent of all home purchase loans from July, DataQuick said. Yet the FHA share was down from 44.3 percent one year ago and 45.1 percent two years ago.

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