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Posted on Tuesday, 10.26.2010

Miami Condos Sales - Florida Housing Market


According to new data from the Miami Association of Realtors, last month Miami condo sales rose by 36 percent while sales of existing single-family homes declined by 6 percent, compared to September 2009. At the nationwide level, the National Association of Realtors (NAR) reported that existing home sales rose in September and that this was an indication that the U.S. housing market is in the early stages of recovery. Lawrence Yun, NAR's chief economist, stated that a housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium. He also said that not just Miami condos sales but also the Florida housing market should see a gradual rise in sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions. In September the national median existing home price for all housing types was $171,700 which was 2.4 percent below prices in September 2009. Distressed homes accounted for 35 percent of sales in September compared with 34 percent in August.


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