Miami Home Sales Continue to Surge in July as Prices Drop

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Sales for single-family homes soared 64 percent in July in the Miami metropolitan area compared to the same numbers for July 2008. Meanwhile, sales for existing condos rose 48 percent over last year. The numbers continue a trend of home sales rising in each of the past 12 months, according to The Realtor Association of Greater Miami and the Beaches.

Miami was the strongest single-family market in Florida, with state sales rising only 37 percent. Nationally, condo sales rose only 7.2 percent.

The number of days a property languishes on the market and number of houses for sale is also decreasing. The average property stayed on the market for 112 days, a drop of 6.1 percent from last years. Listings in MLS dropped 50 percent in the past 12 months, and 5.78 percent this month. 

Wow, this all sounds great! But wait, there's bad news. Of course there is. The median sales price for both single-family homes and condos dropped 40 percent from the previous year. The median price for a home in Miami-Dade was $192,700, and $108,300 for a condo. 

The average home goes for $280,224, while $228,163 will get you your average condo. 

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