Miami Home Sales Hold at 3-Year High

MIAMI (DQNews) --Miami metro area home sales remained at a three-year high in December as sales of existing condos, whose prices have fallen most sharply from peak levels in 2006, continued to claim a higher-than-average share of transactions. The median price paid for all new and resale houses and condos combined didn't budge from November and declined from a year earlier by the lowest amount - 22.5% - since late 2008, a real estate information service reported.

In December, 8,259 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. That was up 19.1% from November and up 41.3% from 5,846 in December 2008, according to MDA DataQuick. The San Diego firm tracks real estate trends nationally via public property records.

Total escrow closings were the highest for a December since 2006, but they were still the third-lowest for that month since 1997, when DataQuick's complete Miami-area stats begin.

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December's increase in total sales from November was normal for the season, though the 19.1 gain was below the average November-to-December increase of 29.6% since 1997.

December marked the tenth consecutive month in which the region's overall sales rose on a year-over-year basis. Existing (not new) single-family detached house and condo sales have risen year-over-year for 13 consecutive months, while new-home sales in December fell below the year-ago level for the 42nd time in the last 43 months.

The December 2009 new-home tally rose nearly 31% above the November level but was still the lowest for the month of December since at least 1997. New-home sales, which have suffered as builders struggle to compete with low-cost foreclosures, made up 8.6% of total December sales. That compares with the new-home market's monthly average of 20.3% of total sales over the past decade.