Miami-area home prices continue to rise

Sales prices for single-family homes are up 15.1 percent compared to Aug. 2012

By Steve Owen - Assistant News Director

MIAMI - There is more positive news about Miami's real estate market.

Prices and sales rose year-to-year, according to the Miami Association of Realtors.

The association bragged that single-family home sales in Aug. 2013 were up 15.1 percent from Aug. 2012. Condominium sales were up 7.9 percent year-to-year.

"The Miami real estate market continues to attract record numbers of domestic and international buyers and investors," said Association Chairperson Natascha Tello. "Such demand for Miami properties is driving robust price appreciation despite the fact that more properties are being listed for sale."

Sales prices were also up. The association reported the median sales price of single-family homes surged to $235,000. That's up 20.5 percent from Aug. 2012. The median sales price of condominiums rested at $180,500 in Aug. 2013. That's a 27.5 percent spike from Aug. 2012.

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