Home prices in Miami-Dade and Broward counties jumped for the third consecutive month in February despite flat or declining sales volume, as the inventory of listings dwindles, real estate figures released Wednesday show.
Realtors say that heightened demand for bank-owned properties and an improvement in the processing of short sales has resulted in rapid absorption of listings and has contributed to rising prices in South Florida. At the same time, the bulk of purchases continue to be from buyers who pay with cash, and many of them are international purchasers.
In Miami-Dade, the median sales price of condominiums surged 40.4 percent to $131,950 in February compared to a year earlier, according to the Miami Association of Realtors. The median sales price of single-family homes rose 19 percent to $175,000.
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