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Home Prices in Miami Continue to Rise in Second Quarter, Local Market Improving
|While national reports show home prices and mortgage rates continue to grow, a new report from the Miami Association of Realtors shows the strong demand for becoming a homeowner in Miami-Dade County has also helped boost local sales and home prices.
Thursday, August 23rd, 2012
While national reports show home prices and mortgage rates continue to grow, a new report from the Miami Association of Realtors shows the strong demand for becoming a homeowner in Miami-Dade County has also helped boost local sales and home prices.
On a national level, the National Association of Realtors reported the median sales price of existing single-family homes was $181,500, up 7.3 percent from the second quarter of 2011. In Miami-Dade County, the median sales price was up 4 percent to $185,000, and remains higher than the national median. Data reveals prices are also up 6 percent from the first quarter of the year.
Higher home prices indicate a healthier market, as there is a lower inventory of delinquent properties, including foreclosures and short sales, which previously prevented prices from rising. Improving prices also closes the gap between buyer and seller benefits, while making the investment of purchasing a home is still highly affordable compared to levels before the housing market slump.
Total housing inventory in Miami-Dade County was down 28 percent on a year-over-year basis and fell 6 percent from the previous quarter.
Data from MAR also show residential sales were up in the second quarter by 2 percent compared to the previous year. The small improvement comes after a record-breaking year in sales. Sales of single-family homes increased 4 percent from the previous year and were up 17 percent from the first quarter of the year. While national sales fell 0.7 percent from the previous quarter, housing markets in South Florida continue to thrive.
"There is obvious and strong demand for Miami properties, despite the dwindling supply," said MAR president Patricia Delinois. "We are seeing multiple offers for many properties, which are taking considerably less time to sell." As lending standards are expected to loosen by the end of the year, MAR says more prospective buyers of properties in South Florida will be able to obtain a big part of the American Dream.
Real estate is local. For those looking at homes, knowing Florida's real estate market helps them know that buying a home in the Sunshine State is a great move. GL Homes understands Florida real estate and can help people target the best Florida homes for sale.