Home sales spike in August

While South Florida’s home sales increased in August at its sharpest rate in four years, it is unclear whether the market is headed for a larger recovery soon. Single-family home sales increased 22 percent in Miami-Dade and 12 percent in Broward, compared to the previous year, according to a report from the Florida Association of Realtors. Condo sales were up 13 percent in Miami-Dade and even for Broward over the same period. Experts note that the housing inventory in Miami-Dade rose last month compared to the previous year, and that it needs to decrease before prices can stabilize.