The Real Deal Miami

Miami existing home prices down in June

July 22, 2010 12:45PM

In the Miami and Fort Lauderdale areas, the median price
for a single-family existing home was $215,200 in June 2010, a 3.4 percent decrease from
June 2009’s $222,800, according to the National Association of Realtors. Existing home sales in the region, however, saw a 7.8
percent year-over-year increase. With the scheduled closing deadline for the first-time homebuyer tax credit looming, existing home sales nationwide slowed in June but remained at relatively elevated levels. Existing home sales, which are completed transactions that include single-family homes, townhouses, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June, from 5.66 million in May. But the June figure marks a 9.8 percent year-over-year increase from June 2009’s 4.89 million units.  Lawrence Yun, NAR’s chief economist, said the
market was showing “uncharacteristic yet understandable swings as buyers
responded to the tax credits.” TRD