Florida Real Estate News - South Florida home sales up in April



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South Florida Homes Sales up in April

Tuesday, June 12, 2012

 
In another sign the economy may be improving, home sales in April increased from the previous month as low home prices continue to provide high affordability for potential buyers.  

In another sign the economy may be improving, home sales in April increased from the previous month as low home prices continue to provide high affordability for potential buyers. DataQuick reports that 9,752 new and resale houses and condos closed in the metro area encompassing Miami-Dade, Palm Beach and Broward Counties in April.

This is up 2.2 percent from the number of Florida homes sold in March and roughly even with numbers from April 2011. Throughout history, sales typically fall slightly between March and April. While sales were below the average number of sales in the month of April during the past 15 years, when newly built homes aren't included, the number of homes and condos that closed last month was only 1 percent below the historical average for April.

Sales of homes priced below $100,000 fell 10.6 percent and were down 4.5 percent for homes listed for sale for less than $200,000. High affordability likely helped sales between $200,000 and $600,000 increase 7.5 percent on an annual basis, while the sales of homes that sold above $800,000 rose 18 percent when compared to April 2011. Luxury homes, those priced for $2 million or more, were up 36.5 percent on a monthly and annual basis, showing the strength of the upper end of the market. According to the data firm, the median price paid for all new and resale houses and condos in South Florida sold in April was $140,000, the highest for any month since the median was also $140,000 in November 2010.