Miami Home Sales Increase in June for 16th Month

According to DQ News, "Miami area home sales rose sharply in June, the result of low prices, low mortgage rates and what was likely the final big boost from the federal home buyer tax credits." Other highlights include:

1. Sales of existing condos rose to a five-year high in June, and total escrow closings were the highest for any June since 2007. 

2. In June 9,296 new and resale houses and condos closed escrow in the Miami metro area, up by 18.3 percent from May and up 20.4 percent from June 2009 (see chart above).

3. Miami-area home sales have increased on a year-over-year basis for 16 consecutive months, starting in March 2009.

4. June resales (excludes new homes) of single-family detached houses and condos combined were the highest for the month of June since 2006, and rose in June year-over-year for the 19th consecutive months. 

5.  The median home price for the Miami region in June was $150,000, up 1.4% from $148,000 in May but down 6.3% from $160,000 in June 2009. The Miami area's median price has fallen on a year-over-year basis for 33 consecutive months.