Miami-Dade property sales on the rise

South Florida housing market continues trend

South Florida existing home sales again posted strong gains in July, while median prices tumbled compared with a year ago. Month-to-month price declines mellowed.

In Miami-Dade, July sales of single-family homes were up 64 percent, while the median toppled 40 percent to $192,700. Condo sales also rose by 48 percent. The median condo price also dropped 40 percent to $137,600

Statewide, sales prices dropped 24 percent to $147,600 for single-family homes and 36 percent to $108,300 for condominiums, as sales rose 37 percent and 48 percent, respectively.

Prices have plateaued since the first of the year, however, suggesting that the market may have reached a trough. Month-to-month declines have slowed and even showed gains in some months, as higher-priced homes begin to sell and distressed properties draw multiple bidders, resulting in closings above the list price.

With the months-long surge in sales, the number of homes on the market continue to shrink.

In July, the number of single-family homes in Miami-Dade was down 43 percent since the same month last year, with 9,768 homes on the market for a 13.3-month supply.