Miami home prices up 18.2 percent: report

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Miami condominium and single-family home prices are up 18.2 percent for the year to date, according to a report released today by Douglas Elliman Florida in conjunction with appraisal firm Miller Samuel. Miami’s activity continues to climb as well, as inventory has fallen 24.7 percent to 11,468 from 15,239 in the third quarter compared to the same period in 2011. Sales rose 1.4 percent in Miami as well. The residential price increase was largely driven by condos, with the median condo sales price rising 28.6 percent year-over-year in the third quarter to $180,000, while the median single-family home price rose 7.5 percent to $215,000. The report examined Miami’s coastal communities, from Pinecrest to Surfside. — Alexander Britell