21 Sep

Home Prices Rose in August

(Miami Herald) Home prices and sales were up in South Florida in August, as the local real estate market continues to grow.

The median sales price for existing single-family homes in Miami-Dade County hit $260,500 in August, according to a report released Monday by the Miami Association of Realtors. That’s up from $250,00 in August 2014, a gain of 4.2 percent. Condo and townhome prices were $204,000 in August, up 12.1 percent year-over-year from $182,000.

In Broward, single-family home prices rose to $307,250 in August, compared to $290,000 in August 2014, according to the Greater Fort Lauderdale Realtors. That’s a gain of 5.9 percent. Condo and townhome prices jumped by a greater margin, selling for $133,00 in August, up from $120,000 in August 2014, a 10.8 percent gain year-over-year.

Total home sales also rose year-over-year but fell when compared to July’s figures. Miami-Dade had 2,479 single-family home and condo sales in August, up 2.9 percent over August 2014, but down 6 percent compared to July. In Broward, there were 3,250 total home sales in August, up 10.5 percent over August 2014 but down 8.9 percent compared to July.

A slowing market could mean price relief for struggling middle-class home buyers. South Florida is one of the nation’s least affordable places to buy a home.

(September 21, 2015)

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