Miami Home-Price Declines Slim; Sales Rise

Miami-area home sales held at a five-year high in September, rising 15% from a year earlier, DataQuick reports. Price reductions and historically low mortgage rates supported year-over-year sales gains across the price spectrum, according to the San Diego-based data provider.

The median sale price has fallen year-over-year for 48 consecutive months, but the magnitude of the decline in September – 1.5% – was the smallest yet, DataQuick says.

In total, In 8,546 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties in September. That was down 11.3% from August but up 15.1% from September 2010, making it the busiest September since 2006, when 11,892 homes sold.

The number of new and resale houses and condos that sold in September for less than $100,000 rose 17.1% from a year earlier, compared with a 14.7% gain for sub-$200,000 sales; a 17% annual increase for $200,000 to $600,000 sales; and a 16.1% annual gain for transactions above $800,000. Sales over $950,000 rose 18.2% compared with September 2010.

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