Miami condo sales see 36% September surge

Miami condominium sales rose by 36 percent last month compared to September 2009, while existing single-family homes declined by 6 percent, according to new data from the Miami Association of Realtors.

Nationwide, existing home sales also rose in September, indicating that the U.S. housing market is in the early stages of a recovery, the National Association of Realtors said. “A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium,” said Lawrence Yun, NAR’s chief economist. “But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions.” The national median existing home price for all housing types was $171,700 in September, 2.4 percent below prices in September 2009. Distressed homes accounted for 35 percent of sales in September compared with 34 percent in August. TRD