Miami Home Sales Highest Since August 2007

DQNews -- Miami region July home sales rose to the highest level for any month in nearly two years as investors and first-time buyers continued to dominate the market. The median price paid for all new and resale homes combined held steady, marking the third consecutive month in which the median has not fallen from the previous month. In July, 7,942 new and resale houses and condos closed escrow in the region encompassing Miami-Dade, Palm Beach and Broward counties. That was up 2.8% from June (6,572 homes) and up 24.4% from 6,383 in July 2008, according to MDA DataQuick of San Diego (see chart above).

July marked the fifth consecutive month in which the region's sales have risen on a year-over-year basis. The July sales total was the highest for any month since 9,214 homes sold in August 2007. The number of (existing) single-family houses and condos that resold has risen on a year-over-year basis for eight straight months.