Cheap homes increased sales in February

The low prices of residential real estate in South Florida encouraged first home buyers to take the big step.
Compared to last year in Miami-Dade County, the sales of existing single family homes increased by 68%, while condo sales increased by 71%!
With the help of tax credits enacted by the economic stimulus law, and the low prices, first time buyers cannot pass the opportunity for the American Dream.
Miami-Dade’s median single family homes price fell 36% in February to $195.500, just like 2002 prices, the median condo prices fell 50% to $146,100.
11,000 homes and condos in Miami-Dade and Broward County are selling for less than $100,000.
Because of the lender’s restrictions, most of the new condos sales are much discounted cash deals and we may see another increase in sales when all the applications for loans will be processed by the reluctant banks.