Miami condo prices up 35 percent

The median sales prices of condominiums in Miami are up 35.4 percent year-to-date, according to data released by the Miami Association of Realtors. The median sales price of condos in the area has risen for 13 months in a row, with a 15.2 percent increase in July compared to the same period in 2011. Single-family home prices rose 2.8 percent. “The Miami real estate market continues to attract demand as inventory consistently decreases, yielding significant price appreciation,” said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. The average sales price for Miami condos rose 7.9 percent in July. — Alexander Britell