Miami condo prices jump 28 percent

The median sales price for condominiums in Miami-Dade County rose 28 percent in the second quarter compared to the first quarter, according to a report from the Miami Association of Realtors. The median sales price for single-family homes rose 4 percent in the same period. “Limited supply of single-family homes and condominiums is resulting in robust price appreciation, reflecting the demand that persists for Miami real estate,” said Martha Pomares, the 2012 chairman of the board of the Miami Association of Realtors. Sales also rose in the same period, with a 4 percent increase in single-family home sales and a one percent lift for condos. Total housing inventory for Miami-Dade County fell by 28 percent in the second quarter. — Alexander Britell