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February 11, 2014

Miami-Dade home prices rose sharply in fourth quarter from a year earlier

Miami-Dade housing prices kept marching higher in the fourth quarter of 2013, but 2014 should bring more moderation to the market.

House and condo prices continued to march higher in Miami-Dade County in the fourth quarter, marking the eighth consecutive quarter of growth in both.

Still, experts predict a tamer market in 2014.

“While demand for Miami real estate continues to generate price appreciation, we are experiencing more moderate growth,” said Liza Mendez, chairman of the board for Miami Association of Realtors.

The median price of a single-family home in Miami-Dade County jumped 18.1 percent to $235,000 in the fourth quarter, while the median price for a condo rose 12.9 percent to $175,000 from the year-ago fourth quarter, Miami Realtors said.

Home and condo sales in Miami-Dade totaled 7,298 in the fourth quarter, down 0.9 percent from the year-ago period, when sales totaled 7,365. Single-family home sales inched up 0.1 percent to 3,182 closings, but condo sales dipped 1.7 percent to 4,116 closings, the Miami Realtors said.

“Sales remain strong as demand for Miami properties from both international and domestic buyers persists,” said Francisco Angulo, residential president for the Miami Realtors.

Among the reasons for a more balanced market in 2014: More homes are listed for sale, creating more balance between buyers and sellers. Meanwhile, higher home prices and interest rates create some headwinds for would-be buyers.

In the fourth quarter, 60 percent of sales were for all cash, down from 63.3 percent a year earlier. All-cash sales were 45.4 percent of single-family home closings and 71.5 percent of all condominium sales, Miami Realtors said.

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