Miami homes, Miami real estate

Sales of Miami Homes and Miami Condos rose in March

In March, sales of Miami homes increased drastically as a result of the unbelievable low prices, the deadline for first-time-buyer tax credits and pent-up demand for luxury Miami real estate.

According to figures released Thursday from Florida Realtors, March sales of existing Miami homes rose to 649 at 17% increase compared to the same month last year, amid a median home price decline of 4% to $205,600. At the same time and with median prices falling 8% to $214,000, sales of Miami condos skyrocketed 58% to 835 sales.

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New home sales, Miami real estate

27% Increase in New Home Sales

Finally, after four months of record low sales, new home sales surged 27% nationally from February sales and a 24% increase from the same time last year.

On Friday, the Commerce Department said that new home sales rose to a seasonally adjusted annual sales pace of 411,000 in March. It was the strongest month increase in 47 years. The median sales price was up 4% from a year earlier reaching $214,000, but down more than 3 % from February.

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