For the first time in 20 months, Miami area home sales volume dropped year-0ver-year.
DataQuick reports Miami Region October Home Sales
Miami-area home sales fell on a year-over-year basis for the first time in 20 months during October, when an increase in condo resales failed to offset steep sales declines for existing single-family houses and newly built homes. The median sale price inched up a bit from September but remained lower than a year earlier for the 37th consecutive month, a real estate information service reported.
In October, 7,579 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. That was up 2.0 percent from September but down 6.8 percent from October 2009, according to MDA DataQuick of San Diego, Calif. The firm tracks real estate trends nationally via public property records.
Last month’s sales gain from September matched the historical norm: On average, October sales have risen 2.0 percent from September since 1997, when DataQuick’s complete Miami-area stats begin.
Until last month, total regional sales had increased year-over-year every month since February 2009, when they fell 4.7 percent. Last month’s sales fell 30.2 percent short of the average October sales tally of 10,861 since 1997.
The median price paid for all new and resale houses and condos sold in the Miami region during October was $135,000, up 2.3 percent from $132,000 in September but down 10.0 percent from $150,000 in October 2009.
October’s overall median sale price was tugged lower in part by the unusually high concentration of condo resales. Last month’s median stood 53.4 percent below the peak $290,000 median in June 2007. The Miami area’s median price has fallen on a year-over-year basis for 37 consecutive months.