Miami condo sales surge in August

September 23, 2010 03:00PM

After a dramatic, 27.2 percent tumble in July, existing U.S. home sales posted a modest recovery in August, rising 7.6 percent to a seasonally adjusted annual rate of 4.13 million units, according to a report from the National Association of Realtors, released today (see the data below). That’s down 19 percent since August 2009, when home sales — including single-family houses, townhouses, condominiums and co-ops — were at an annual rate of 5.1 million units.

In the Miami metropolitan area, existing condominium sales rose 59 percent year-over-year, while single-family home sales rose 12 percent over that time period. Prices in the area, meanwhile, declined to a median of $182,000 down 6 percent from August 2009.

Some analysts were hopeful that last month’s declines were only temporary. “Home prices continue to stabilize, but the substantial presence of distressed properties in our market is contributing to fluctuations in median sales price levels,” said Jack Levine, chairman of the Board of the Miami Association of Realtors. TRD