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Miami Area Home Sales Jumped in June

Sales of Miami and surrounding area homes increased sharply in June, according to a late July report released by ""MDA DataQuick"":http://www.dataquick.com/, a provider of property data based in San Diego.
[IMAGE] In June, 9,296 new and resale houses and condos closed escrow in the Miami-Dade, Palm Beach and Broward counties. That number is up 18.3 percent from May and up more than 20 percent from June 2009.
[COLUMN_BREAK] According to MDA DataQuick, average home sales have increased 7.1 percent between May and June since 1997, and resales have been rising year-over-year for the past 19 months.

Condo resales in June saw a 15.2 percent increase from May, the 4,355 sales the highest amount for June since 2005. Condo resales made up nearly half of the Miami-area home sales in June.
The number of houses and condos sold that had a price tag of $1 million or more rose to 262 from 231 in May, a 13.4 percent increase. During the first six months of 2010, 1,230 houses or condos sold for $1 million or more, up more than 30 percent from the first six months of 2009.

Despite this, the Miami-area median home price has fallen on a year-over-year basis for the past 33 months. This June, the median price paid for new and resale houses and condos was $150,000, down 6.3 percent from June 2009, and 48.3 percent below the peak $290,000 that occurred in June 2007.

About Author: Joy Leopold

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