State and national condo inventory recedes

Miami condominium prices are likely to fall 24.2 percent this year, but there will be fewer units lingering on the market. The Florida Association of Realtors reported that August condo sales climbed by 17 percent in Miami-Dade County as median condo prices dropped 31 percent to $144,700. Meanwhile, Fort Lauderdale may be reaching the bottom for condo prices, and statewide condo sales are up 10 percent from a year ago. Other major condo markets in California, Houston, Boston, Washington, D.C. and Las Vegas also reported increased sales.