Miami Single Family Home Median Price Rose 17 Percent in February
In Miami-Dade County, the median price of an existing single-family home rose 17 percent in February from a year earlier to $227,000, and was a hair above January’s level of $225,000, according to the Miami Association of Realtors.
The median price of a Miami-Dade condo rose 7.3 percent to $177,000 in February from a year earlier, but was down 4.8 percent from January. Single-family home sales in Miami-Dade totaled 860 in February, up 1.3 percent from a year earlier, but down 4.9 percent from January.
Condo sales in Miami-Dade fell 4.1 percent in February from a year ago and were off 7.3 percent from January, as resales face intense competition from the rapidly growing selection of pre-construction condos on the market.
The nationwide median home price rose 9.1 percent year over year to $189,000. NAR chief economist Lawrence Yun predicted home sales “should trend up modestly over the course of the year.’’But many investors now are pulling out as the bargains diminish. That's cooling off the market and offering more opportunities for first-time and "move up" buyers who plan to live in the homes.
"Call it the return to the old normal," Jonathan Smoke, chief economist for Hanley Wood in Washington, D.C., said in a statement. "The old normal is good for housing, and much better for the economy than what we have been living through for seven-plus years." Smoke added that "no one should fear this is a harbinger of housing deteriorating -- it's actually a reflection of the existing home market getting better." * Some Notes from the Miami Herald.
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