Miami-Dade home prices on a solid rise
Home sellers in Miami-Dade appear to be on something on a winning streak this spring.
New numbers from the Miami Association of Realtors show yearly gains in single-family home prices for the past four months. It’s the first four-month stretch of rising home prices for Miami-Dade since the housing crash got started at the end of 2006.
The 13 percent gain in sales prices in March for single-family homes comes amid a drop in transactions — which were down 12 percent in Miami-Dade. That’s a reversal of trends seen in recent years, when sales were booming as prices continued to plunge into bargain-basement territory.
In Miami-Dade, the median price for a single-family home was $180,000 in March, compared to $159,000 a year ago. Realtors sold about 919 homes in March, down from the prior year but still almost four times better than the 276 homes sold at the start of the recession in March 2008.
The increased prices may be a lull before yet another housing storm, as banks prepare to speed up sales of foreclosed homes. The distressed sales were delayed last year amid a national investigation into improper mortgage paperwork, but the so-called “robo-signing” scandal has been settled.
The condo market, which tends to churn out more erratic numbers, also saw price gains and volume drops. In March, the median price for a Miami-Dade condo was $141,700, up 45 percent from the median price tag in March 2011 of $97,400. Condo sales were down 10 percent to 1,387 units in March.
Broward numbers were not available Thursday afternoon