Miami condo sales rise in July

Sales of existing single-family homes rose 47 percent in the Miami metropolitan area in July, from 593 to 873, according to the Miami Association of Realtors and the local Multiple Listing Service. Sales of existing condominiums increased 33 percent, from 837 to 1,110, compared to July 2010.

Statewide sales increased 12 percent to 13,874 for single-family homes as well as 12 percent to 5,904 for condominiums compared to July 2010. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 3.5 percent from June but were 21 percent above July 2010.

“While local housing inventory has declined dramatically over the last three years, the local market still offers opportunities for all types buyers and competitive pricing compared to many U.S. and international markets,” said said Jack Levine, chairman of the realtor association.

The median sales price of single-family homes in June decreased 8 percent to $182,400 from a year earlier. The median sales price of condominiums increased 8 percent to $118,800. — Katherine Clarke