Home sales rise in South Florida
BY MONICA HATCHER crline mhatcher@MiamiHerald.com
Sales of existing South Florida home continued apace in September, as buyers hurried to close on purchases before the $8,000 first-time home buyer tax credit expires Nov. 30.
``I'm working with two buyers now dying to close by Nov. 30 so they can get the credit,'' said Peter Dean, an agent with RE/MAX Advance Realty II in Kendall, who specialize in Cutler Bay and Homestead.
Sales of single-family homes in Miami-Dade were up 51 percent in September from the same month a year ago, and condo sales were up 73 percent, according to figures released Friday by the Florida Association of Realtors.
In all, 1,230 residential properties changed hands compared to 26,296 listed for sale. Last September, there were 41,230 homes for sale. Almost 60 percent were distressed sales.
In Broward, home sales rose 31 percent from last year; condo sales jumped 57 percent.
Total residential sales represented 1,661 homes, compared to 18,919. That compares to 32,234.
While shrinking, the number of homes on the market does not reflect the growing shadow market of properties piling up in banks' delinquent mortgage files and in the court system as foreclosures. Those homes will eventually reach the market, likely keeping prices low or push them down further for several years, analysts predict.
Median home prices in September still suffered in September compared to last year's prices.
The median single-family home price in Miami-Dade was $190,000, compared to $274,600, a 30 percent decrease. The condo median dropped to $132,900 from $212,200, representing 37 percent drop.
In Broward, the median single-family home price fell to $200,000 from $259,300, a fall of 23 percent. The median condo price dropped to $78,000 from $129,000 last year, a 40 percent decline.
While Realtors and some economists credit the $8,000 tax incentive for jazzing sales, Congress is debating whether to expand the tax credit to include all home buyers or extend the deadline so more first-time buyers can take advantage of it.
The credit is available to buyers who have not owned a primary home in the last three years and earned less than $75,000 as an individual or less than $150,000 for married couples. The credit is equivalent to 10 percent of a home's purchase price or $8,000. Statewide the median single-family home prices slid 19 percent to $142,000, while sales rose 34 percent compared to last year. The median condo price was down 33 percent to $153,000. Sales were up 77 percent.
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