Business

  • Logout
  • Member Center

REAL ESTATE

Housing-prices gain hint at a turnaround

 

Miami-Dade’s housing market closes in on a minor milestone: 90 days without a drop in real estate prices.

dhanks@MiamiHerald.com

South Florida’s real estate market may be approaching a milestone, at least according to Realtors figures.

The trade group representing agents and brokers reported a 13 percent jump in resale prices in January for single-family homes in Miami-Dade County compared to 12 months earlier. That’s the second straight increase, after December’s 5 percent gain in Florida’s largest housing market.

The encouraging numbers may just be a blip: even the depths of the recession saw an occasional spurt of increasing prices from month to month. But should February’s numbers report another gain, that would be the first three-month stretch of rising home prices for Miami-Dade since February 2007, according to the Florida Association of Realtors.

With a wave of foreclosures still to come and banks hesitant to write mortgages, many buyers are steering clear of one of the country’s most notorious real estate markets. But leaders of the Realtors group see the new statistics confirming their longtime contention that South Florida’s battered housing market has already moved into less of a buyer’s market.

“Now, home prices in Miami are significantly rising and sooner than expected, as the Miami real estate market continues to outperform the rest of the nation, mostly due to the strong impact of international buyers,” said Martha Pomares, a Coral Gables real estate agent and head of the Miami Association of Realtors.

In Broward, prices are also up, according to the Realtors. The median price of a single-family home in Broward increased 7 percent in January to $177,000, and the median price of a condo went up the same amount to $74,000.

Miami-Dade’s median price for single-family homes hit $170,000 in January, while the median price for a condo surged 36 percent to $122,500. The condo market is generally more erratic than the single-family market, which can lead to large swings in prices. Condo sales were down 16 percent in both markets for January.

Sales of houses were soft in Miami-Dade, down 3 percent from the prior year. In Broward, they were up 15 percent.

dealsaver
The Miami Herald: Subscribe now!

More from
Business

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

We have introduced a new commenting system called Disqus for our articles. This allows readers the option of signing in using their Facebook, Twitter, Disqus or existing MiamiHerald.com username and password.

Having problems? Read more about the commenting system on MiamiHerald.com.

Hide Comments

This affects comments on all stories.

Cancel OK
0 comments

  • Videos

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category