FL: Miami Real Estate Sales Jumped 49% in August From 2010

Miami Real EstateSales of existing single-family homes in the Miami Metropolitan Statistical Area (MSA) rose 49 percent in August, from 637 to 951, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Sales of existing condominiums increased 60 percent, from 818 to 1,311, compared to August 2010.

Statewide sales increased 15 percent to 16,206 for single-family homes and 18 percent to 7,098 for condominiums compared to August 2010. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 7.7 percent from the previous month and were 18.6 percent above August 2010, according to the National Association of Realtors (NAR).

“The fact that home prices are rising despite distressed sales that account for the majority of sales is indicative of very positive trends in the Miami marketplace,” said Jack H. Levine, 2011 Chairman of the Board of the MIAMI Association of REALTORS. “If prices are rising for countywide figures that include distressed properties, strengthening would be that much greater if distressed listings were eliminated or reduced. We believe the Miami market in terms of pricing has bottomed.”

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