The Real Deal Miami

Bargain binge drives South Florida sales

June 27, 2008 11:15AM

Regional home sales rose in May, the third consecutive month of increases after the market bottomed out. Prices increased slightly for condos and single-family homes in Miami-Dade. Broward prices remained flat. The market is edging its way to a bottom, and real estate agents say investors looking for distressed sales are restoring hope to certain parts of town. The overall market remains weak on a year-over-year basis, and price declines are likely to continue. The median price of an existing single-family house fell in both counties by roughly 20 percent in May, dropping to $320,900 in Miami-Dade and $296,800 in Broward. The number of houses sold rose 20 percent between April and May in Miami-Dade and 2 percent in Broward.