Miami home sales drop in November

Miami may a dream relocation destination for many, but poor rates of housing sales in the area indicates home values may also be low, according to Housing Wire.

In November, home sales in Miami dropped by 4.2 compared to the same time last year, to 6,647 units sold during the month. The figure is a 12.3 percent decline from October sales, and is surprising to some because condo sales in the area are at a five-year high, according to figures from MDA DataQuick.

There were 3,286 condos sold in November, a 7.4 percent jump from a year earlier, and the highest November sale numbers since 2005.

The median price for new and resale homes in Miami was $140,000, less than half of what their value was in June 2007, when median home prices peaked at $290,000. On the bright side, there have been some small improvements, as prices have increased by 3.7 percent since October.

However, it may be too soon for Floridians to celebrate the small step up. A recent price growth projection from Veros Real Estate Solutions found that Florida is home to the top five cities in the nation with the largest projected price decreases, where values are expected to fall by 8 to 10 percent.

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