Miami: Sales Of Existing Homes Down 10%
Miami-Dade and Broward Counties,Florida, bucked the trend in February. While the sales of existing homes rose 8% statewide, the buying there dropped. "In February, just 824 existing homes sold in Broward, a decline of 16 percent from a year ago. And in Miami, 767 homes sold, a drop of 10 percent."
This occurred even as prices continued higher, a trend readers of this blog will recognize. "In Miami-Dade, the median sales price of an existing home topped $300,000 for the first time, climbing 28 percent over last year to $309,800. In Broward, costs are even steeper; the $319,400 median price is up 32 percent from $242,100."
The story is filled out by RE professionals trying to rationalize the fall. I apologize for the secondary, crude link.