Miami Region August Home Sales
September 30, 2014
Miami-area home sales fell on a year-over-year basis for the third consecutive month in August, when cash and investor purchases, as well as overall sub-$200,000 sales, continued to run well below year-ago levels. The August median sale price dipped below a 68-month high reached in July but rose year-over-year, though that single-digit annual gain was the lowest in two years, a real estate information service reported.
In August, 10,236 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. August sales dipped 11.0 percent from the prior month and fell 8.5 percent from a year earlier, according to CoreLogic DataQuick data.
Between January and August this year a total of 83,085 homes sold in the Miami region, down 3.3 percent from the same eight-month period last year.
It's normal for Miami-area sales to dip slightly between July and August. On average, Miami sales have fallen 2.9 percent between those two months since 1997, when CoreLogic DataQuick's complete Miami-area statistics begin.
This August's total sales were 12.6 percent below the average number of sales for the month of August since 1997. August's condo resales were 15.9 percent above average for the month, while single-family detached house resales were 11.6 percent below the long-term average and new-home sales were 74.5 percent below the August average.
Condo resales fell 11.8 percent in August compared with a year earlier but continued to account for an above-average share of overall home sales. In August, condo resales represented 44.9 percent of total sales, compared with an historical monthly average of about 35.9 percent. The August resale condo share was up from 44.2 percent in July and down from 46.6 percent a year earlier.
In August, the median price paid for all new and resale houses and condos sold in the Miami region was $198,350, down 3.2 percent from $205,000 the month before and up 7.2 percent from $184,950 a year earlier. The July 2014 median of $205,000 was the highest for any month since the median was $210,000 in November 2008.
The August median's 7.2 percent year-over-year increase marked the first single-digit annual gain following 24 consecutive months of double-digit year-over-year increases. The region's median has risen year-over-year for 32 consecutive months, with those gains ranging from 5.8 percent to 27.1 percent.
This August's median stood 31.6 percent below the Miami area's peak $290,000 median in June 2007.
August sales activity varied by price segment: The number of homes that sold below $100,000 dropped 23.3 percent year-over-year, while sales below $200,000 fell 13.6 percent. The number of homes sold in the typical move-up range between $200,000 and $600,000 declined 3.7 percent year-over-year in August, while the number of homes that sold for $800,000 and above increased 4 percent from August 2013.
In the Miami region's multi-million-dollar luxury home market, 126 homes sold for $2 million or more in August, down from 158 in July and up from 91 in August last year. During the first eight months of this year, 1,166 homes sold for at least $2 million, up 17.3 percent from the same period in 2013 and the highest number on record for the January-through-August period. The figures are based on public property records, where either a price or loan amount was available.
To view other Miami region August highlights, please visit DQNews.com.
Media calls: Andrew LePage (916) 456-7157
Source: CoreLogic DataQuick; DQNews.com
Copyright 2014 DataQuick. All rights reserved.
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