Miami Housing Market On The Road to Quick Recovery
The real estate market of Miami made significant progress in the month of June, with numbers pointing to a seventh straight month of improvement, according to statistics published by the Miami Association of Realtors.
Data for the city of Miami shows the median sales price of one-family homes up 5 percent from the previous year, finishing at $194,250 as of June. Condominium prices in Miami Dade County were also up; the median price of these properties moved up 34 percent on a year-on-year basis to $160,000.
For average sales prices in Miami Dade County, single family homes were up 21 percent to $420.704, while condominiums increased even more – 24.2 percent to $325,748.
The entire state of Florida appears to be driven by these impressive numbers, as per the records of the Florida Realtors Industry Data and Analysis Department. For single family homes in the state, the median sales price was $151,000, marking a year-on-year increase of 8.2 percent, while condominium units were up 15.8 percent to $110,000. The median home price for all types of houses across the United States enjoyed an improvement of 7.9 percent year-on-year, or $189,400 as of the end of June.
Local real estate specialists in Miami were ebullient in describing the city’s significant recovery.
According to Miami Association of Realtors President Patricia Delinois, the Miami housing market recovered “faster and stronger than any other” while surpassing real estate experts’ predictions. She acknowledged, though, that financing remains difficult even for buyers who qualify for low rates.