August 7, 2012 (Shirley Allen)
Sales of new and re-sale homes in the Miami area failed to meet expectations in June, falling almost five percent from May’s tally, but home prices continued to improve, rising year-over-year for the sixth consecutive month according to the latest housing data released by DataQuick.
A total of 10,105 new and resale homes and condos closed escrow in the Miami-Dade, Palm Beach and Broward counties area in June. Sales were 4.8 percent lower than the 10,620 homes sold in May but up from the 9,856 homes sold in June of 2011.
Home sales in the region typically increase around six percent between May and June and were 17.7 percent lower than Miami’s average June sales rate.
New home sales in the area were 75.7 percent below average while sales of existing homes were only 6.0 percent below their historical average. New home sales for the month were the lowest on record for a June.
Cash buyers accounted for 63.0 percent of the purchases made in June, which was down from 65.4 percent in May and down from 64.2 percent a year ago. Some cash buyers use alternative financing arrangements but at the time of purchase there was no indication of a purchase loan recorded.
The price that cash buyers paid for the homes they purchased in June increased to $110,000 from $106,000 in May and was up from $96,100 in June of last year.
Absentee buyers, usually investors and vacation home buyers, accounted for 40.0 percent of all homes sold in June paying a median price of $110,000, up from $105,000 in May and up from $90,700 in June of 2011.
The overall median price paid for new and resale homes and condos in June was $150,000, which was up from $144,800 in May and up from $135,000 in June of last year.
The median home price is 48.3 percent below the peak median price of $290,000 in June 2007. It was the sixth consecutive month that year-over-year prices have increased after falling for the previous 52 consecutive months.
Miami’s multi-million dollar luxury market, houses and condos that sold for $2 million or more, was down 27.3 percent from the previous month and down 16.2 percent from a year ago.
Tags: existing home sales, Miami, distressed properties, resale homes, condos, cash buyers, investors, median price