Up home prices in South Florida

The housing market in South Florida continues to rise .

The average price of a detached house in Miami -Dade County increased 25.7 percent in July to $ 230,000 , compared to $ 183,000 in the previous year, said the Association of Realtors Miami.

Sales of single family homes in Miami -Dade rose 27.3 percent in July , to 1,227 closings compared to 964 a year earlier. This marked the highest level of sales in Miami -Dade since the peak of the boom in 2005, when the average price was $ 351.200 .

Miami -Dade , ground zero for the housing crisis , has registered 20 consecutive months of price increases in both single family homes and condominiums .

Strong sales come despite continued tight supply of homes listed and an increase in mortgage interest rates .

” There is a sense of urgency that comes from rising interest rates,” ‘ said Lisa Dority , Realtor of RE / MAX Advance Realty II in Miami. “Some people are nervous and do not know how far they will raise interest rates .” In July , sales of single-family homes in Miami-Dade were up 4.9 percent from June , when the average price was the same : $ 230,000 .

Lawrence Yun , chief economist of the National Association of Realtors said Wednesday that the momentum in the increased rates will only come to a point. ” The initial increase in interest rates gave a strong incentive to close shop. However, further increases in rates will reduce the number of eligible buyers, ” Yun said in a statement.

As for condominiums in Miami- Dade , the average price rose 33.3 percent in July to $ 180,000 compared to $ 135,000 in the previous year, said Miami Realtors.

Condo sales in Miami -Dade County increased by 13.4 percent in July , to 1,538 closings compared to 1,356 a year earlier, while the units listed rose 13.5 percent to 8,458 units compared to 7,451 units in the previous year. Miami -Dade had in July 6 month inventory of condos for sale , compared with 5.6 months in the previous year and an inventory of 5.8 months in June.

In Broward , the housing market continued also recorded impressive gains in July. The average price of a detached home rose 27.9 percent to $ 275,000 in July compared to $ 215,000 in the previous year , according to Greater Fort Lauderdale Realtors.

Sales of single family homes in Broward rose 12.9 percent, to 1,475 closings in July compared with 1,307 a year earlier. Single family sales rose 8.7 percent in July from June , when 1,356 sales closed.

The average price of a condominium in Broward rose 29.2 percent in July to $ 108,500 from $ 84,000 the previous year. Condo sales increased Broward 12.6 percent in July , at the end of 1525-1354 the previous year and remained stable at the end of June 1355 .

The inventory of single-family homes for sale fell 10.3 percent in July from 4,297 , while condos in the charts fell 7.1 percent to 5,985 .

Broward in July was 3.5 months inventory of single-family homes for sale, or 3.5 times the volume of transactions that closed this month. This represents a decrease from an inventory of 4.3 months in the previous year. Broward had an inventory of 4.3 months for condos in July, compared with 4.8 months of inventory in the last year.

The average price of a condominium in Broward rose 29.2 percent in July to $ 108.500 from $ 84,000 in the previous year. Condo sales in Broward rose 12.6 percent in July to 1,525 from 1,354 closings in the previous year, and remained stable with 1,355 closings in June.

The inventory of single-family homes for sale fell 10.3 percent in July to 4,297 , while the condominiums in the charts fell 7.1 percent to 5,985 .

Broward was only 3.5 months inventory of single-family homes for sale in July, or 3.5 times the volume of transactions closed that month. This represents a decrease compared with an inventory of 4.3 months in the previous year. Broward had an inventory of 4.3 months for condos in July, compared with 4.8 months of inventory last year.

Market watchers believe that six months of inventory represents a balanced market between buyers and sellers. When inventory is less than that, the sellers have the last word and prices rise at a rapid pace .

“The decline in inventories of single family homes, condos and homes available for sale in Broward County , along with the largest percentage of the sale price that existing homeowners are getting , and the impressive decrease in the number of days units go on the market compared to last year , continue to drive up prices, “he said in a statement Charles Bonfiglio , president of the Greater Fort Lauderdale Realtors.

In Miami -Dade condominium sales rose 13.4 percent in July to 1,538 from 1,356 closings a year earlier, while the inventory of units for sale rose 13.5 percent to 8,458 units from 7,451 units in the previous year. Miami -Dade had a 6 month inventory of condos available for sale in July , compared with 5.6 months in the previous year and an inventory of 5.8 months in June.

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