June Miami Area Home Sale Press Release

Miami Region June Home Sales

August 7, 2013

Miami-area homes sold at the fastest pace for a June in seven years amid sizeable gains in mid- to high-end activity and a near-record level of sales to investors and vacation-home buyers. The median price paid for a home hit a 4.5-year high and rose above a year earlier for the 18th consecutive month, a real estate information service reported.

In June, 11,522 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. June sales increased 2.1 percent from the prior month and rose 12.9 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

This June's 11,522 sales were the highest for the month of June since 14,801 homes sold in June 2006. Still, this June's sales tally fell 6.3 percent short of the average number of sales in June since 1997, when DataQuick's complete Miami-area statistics begin.

While resale houses and newly built homes (houses and condos combined) fell short of the average June sales level by 8.7 percent and 73.3 percent, respectively, condo resales were 28.9 percent above average for a June. Condo resales in June were the highest for that month since 2005 and represented 47.0 percent of all homes sold, whereas historically condo sales have represented a monthly average of about 35 percent of total Miami-area sales.

During the first six months of this year (January through June), a total of 62,789 homes sold in the Miami region, up 13.5 percent from the same period in 2012. Condo resales during that six-month period rose 9.2 percent year-over-year, while single-family house resales increased 18.1 percent and sales of all newly built homes rose 14.8 percent.

When viewed by price segment, Miami-area June sales dropped 12.6 percent year-over-year for homes priced below $100,000, and dipped 0.6 percent for homes below $200,000. But the number of homes sold in the typical move-up range between $200,000 and $600,000 jumped 34.7 percent year-over-year in June, while the number of homes that sold above $800,000 rose 39.0 percent from June 2012.

In the Miami region's multi-million-dollar luxury home market, 728 homes sold for $2 million or more during the first six months of this year, up 43.3 percent from the same period last year. The figures are based on public property records, where either a price or loan amount was available.

In the overall Miami market, the median price paid for all new and resale houses and condos sold in June was $179,900 - the highest for any month since the median was $200,000 in December 2008. June's median was up 2.8 percent from the month before and up 19.9 percent from a year earlier. The median has risen year-over-year for 18 consecutive months, and those gains have been double-digit for the past 11 months.

This June's median was still 38.0 percent lower than the Miami area's peak $290,000 median in June 2007.

Other Miami region June highlights (see two charts below)


Two view the two charts, visit DQNews.com.