Miami Home Sales Edge Higher

SAN FRANCISCO (DQNews) --The number of Miami region homes sold last month edged higher as sub-$100,000 transactions accounted for nearly one-third of all sales. The median price paid slipped to $159,000 after holding steady at $160,000 in June, July and August, a real estate information service reported.

In September, 7,225 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. That was up 0.7% from August and up 31.1% from 5,509 in September 2008, according to MDA DataQuick. The San Diego firm tracks real estate trends nationally via public property records.

Total escrow closings were the third-lowest for a September - behind 2008 and 2007 - since at least 1997, when DataQuick's complete Miami region stats begin. September marked the seventh consecutive month in which the region's sales have risen on a year-over-year basis.

Last month's 0.7% gain in total sales from August was abnormal. On average since 1997, sales have declined 10.6% between August and September.

September sales were also unseasonably strong in other markets nationally. The likely reasons: Short sales became more common this summer and they take longer to close, meaning some mid-summer transactions that normally would have closed in August instead closed in September. New appraisal rules that took effect in late spring likely resulted in longer escrows, too. September sales also got a boost from historically low mortgage rates and a surge of buyers trying to take advantage of a soon-to-expire federal tax credit for first-time buyers.