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Miami median home price hits $325,000

by James McClister

new-construction-home

Home prices in Miami continued to rise in June, a new report from the Miami Association of Realtors confirmed. Overall sales remained in decline.

Median sales price for a single-family home hit $325,000 last month – a 12.5 percent increase over last June, the report confirmed. After rising for 55 consecutive months, Miami’s median price is now more than $75,000 above that the nation’s; but according to the association, it also remains consistent with pre-crisis prices. The median sales price for condominiums jumped 7.3 percent to $220,000 – which is $11,000 below the national level.

Sales for both property types fell in June. Single-family home transactions decreased 6.3 percent, while condo sales dropped 10.6 percent.

The association provides an explanation for the drop in sales.

It reports that despite inventory for all single-family homes rising 10.7 percent from June 2015 to June 2016, inventory for middle-tier homes priced below $300,000 has dropped by 53 percent; and there is now a shortage. The association also reported that new condo construction demand is diminishing existing-condo sales.

Where sales did not slip, but in fact swelled, was among non-distressed homes. The increase showed positive movement in a volatile market.

“Rising non-distressed home sales are a sign of a healthy market,” said Mark Sadek, MIAMI’s 2016 chairman of the board. “Non-distressed single-family home transactions have now increased for six consecutive months. Miami is also seeing strong demand at mid-price points in both existing single-family homes and condos.”

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