Miami-Dade County home prices continued on an upward trend in the second quarter, according to the Miami Association of Realtors.
The median sales price for single-family home in Miami-Dade rose 4 percent, year-over-year, to $185,000 in the second quarter. The median sales price for condominiums reached $153,000, up 28 percent, year-over-year.
The rise is attributed to limited housing supply and strong demand, the association reported.
“Limited supply of single-family homes and condominiums is resulting in robust price appreciation, reflecting the demand that persists for Miami real estate,” said Martha Pomares, 2012 chairman of the board for the association, in a statement. “Miami is a very unique real estate market, attracting both U.S. and international buyers unlike any other market in the U.S. Such appeal will continue to support local market strengthening long into the future.”
The average sales prices for single-family homes and condominiums increased 10 percent, to $345,191, and 22 percent, to $254,045, respectively.
South Florida Business Journal
Posted on September 3, 2012 at 12:11 pm by Yaakov Waldman