Miami home sales continue steady rise

South Florida has been hit hard by the nation's foreclosure crisis. But even so, the Miami housing market is seemingly flourishing.

According to the Miami Realtors, the metropolitan statistical area has seen eight straight quarters of improving single-family home and condominium sales, with the most recent quarter seeing a 27 percent year-over-year increase.

Additionally, the second quarter of 2010 had home sales that were 53 percent better than those experienced in the second quarter of 2008. On their own, condominium sales have grown 99 percent in the past two years, while sales of single-family homes were up 89 percent since 2008.

"Sales of condominiums have really taken off as buyers and investors take advantage of record affordability conditions," said Miami Realtors chairman Jack Levine. "This will result in much needed inventory absorption, which will further enhance the local market's performance."

Foreclosures have added to the state's home inventory, which is growing slightly every month. But as sales increase, some of that inventory is being bought up and producing lower year-over-year rates, said the report.

That inventory of bank-owned homes means that a person moving to the Miami area could find a bargain by purchasing a home at a foreclosure auction.


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