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Miami Residential Sales and Median Prices Climb in May

by | Jul 04, 2015
Median sales prices for Miami singleNfamily homes and condominiums each registered doubleNdigit growth while total residential sales increased in May
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Christopher Zoller
2015 Residential President
MIAMI Association of Realtors®

Median sales prices for Miami singleNfamily homes and condominiums each registered doubleNdigit growth while total residential sales increased in May, according to the 36,000Nmember MIAMI Association of REALTORS ® (MIAMI) and the local Multiple Listing Service (MLS) system.

Single-family home transactions — which set an allNtime Miami annual record in 2014 — increased 5 percent yearNoverNyear in May 2015, from 1,215 to 1,276. Existing condominium sales — which posted the second best year in Miami history last year despite an increase in sales of preNconstruction condos — decreased 2.6 percent, from 1,489 to 1,450. Combined, MiamiNDade County residential real estate sales increased 0.8 percent to 2,726 last month compared to 2,704 a year ago.

Access to mortgage loans for existing condominium buyers remains limited.The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. Of the 8,523 condominium buildings in MiamiNDade and Broward Counties, only 29 are approved for FHA loans, according to statistics released earlier this year from the Florida Department of Business and Professional Regulation and FHA. Just .0034 percent of local condo buildings are getting FHA loans.The U.S. average is 30 percent.

Single-family home prices, which again increased in May, remain at affordable 2004 levels despite more than three years of consistent yearNoverNyear increases. Condo prices also increased in May 2015, marking 47 months of growth in the last 48 months.The median sale price for singleNfamily homes rose 12.8 percent to $282,000. The median sale price for condominiums increased 11.1 percent to $207,250.

Cash deals represented 49.5 percent of Miami's total closed sales in May 2015, more than double the national average. Just 24 percent of all national housing sales are made in cash, according to NAR. Cash transactions represented 56 percent of total Miami deals in May 2014. Miami's high percentage of cash sales continues to re`ect South Florida's historic ability to attract international home buyers, who tend to purchase properties in all cash

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Lynda Fernandez,
SVP of Public Relations
lynda@miamire.com 
(305) 468-7040

Teresa King Kinney
Chief Executive Officer
tkinney@miamire.com 
(305) 468-7000

Chris Umpierre
Director of Communications
chris@miamire.com
(305) 468-7047


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