ECONOMIC TIME MACHINE

Home sales flirting with new records in Miami-Dade

 

Some key real estate records are finally falling again in South Florida.

Prices remain about 40 percent below peaks set in 2006 and about a third of all homes carry loans larger than what they’re worth, but sales have moved very close to new record levels.

This chart tracks a 12-month average of sales of existing single-family homes in Miami-Dade County, as reported by the Miami Association of Realtors. The current monthly average of 1,052 homes per month is just 4 percent below the past peak of 1,093 homes set in June 2004.

To appreciate just how strong of a comeback that represents, consider that in July 2008, the monthly average hit just 330 homes. That was a 70 percent plunge -- a depressed market in crisis by any measure.

While the overall sales level remains just below peak, some months have already set new records. In 2013, February, May and July all posted record sales. The August numbers are set to be released Sept. 19.

The Miami Herald’s Economic Time Machine seeks to give the long view on the latest financial numbers for South Florida. Visit miamiherald.com/economic-time-machine for analysis of the numbers that drive the local economy. Our ETM index tracks more than 40 local indicators to measure where the economy has “landed” post-bust when compared to earlier economic conditions. The latest reading: July 2003.

Read more The Economic Time Machine stories from the Miami Herald

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