After a strong month of July, sales have cooled slightly in many markets including Miami and Las Vegas. Part of the reason may be the shrinking inventory of foreclosures on the market, as seen in the Las Vegas market. See the following article from HousingWire, for more on this.
August homes sales in Miami dropped from July, but the median sales price has remained steady for three straight months, according to MDA DataQuick.
There were 7,178 new and resale homes and condos sold in the Miami metro area of Miami-Dade, Palm Beach and Broward counties. That’s down 9.6% from July, but up 27.4% from August 2008. Sales have risen on a year-over-year basis for six straight months.
The median price for all residential properties sold in the region was $160,000 in August, a price that’s held steady since June, but is down 34.7% from $245,000 in August 2008.
The current median price is 44.8% below the peak of $290,000 in June 2007. Before May 2009, the median price had fallen on a month-to-month basis for 11 consecutive months.
The share of Miami homes sold for more than $500,000 was 8.1% in August, down from 9.1% in July and 13.9% in August 2008.
Foreclosures Shrinking In Las Vegas
The inventory of previously foreclosed homes is drying up in the Las Vegas region, causing sales volume to decrease from July to August, MDA DataQuick said.
There were 4,716 new and resale homes and condos sold in the greater Las Vegas region. That’s down 11.2% from July, but up 16.5% from the same month one year ago.
Of those sales, previously foreclosed properties accounted for 68.4% of all sales, down from 69.7% in July and the April peak of 73.7%, but up from 63.2% in August 2008.
The median price for all new and resale homes and condos was $129,990, down slightly from $130,000 in July, but down nearly 40% from 215,000 one year ago.
Sales have risen year-over-year for 12 consecutive months, but median sales price has fallen for 28 straight months on a year-over-year basis. In August, the median price was 58.3% below the region’s peak of $312,000 in November 2006.
This article has been republished from HousingWire. You can also view this article at HousingWire, a mortgage and real estate news site.