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February 9, 2010 |
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| November 10, 2009 |
By: Review staff |
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eclining values, low interest rates and an $8,000 tax credit for first-time buyers continued to boost the market for South Florida homes.
Sales of existing single-family homes in Miami-Dade County jumped 44 percent in the third quarter compared with the same period a year earlier, the Florida Association of Realtors said Tuesday. The sales increase came as median prices fell 33 percent over the same period.
Activity increased 40 percent in Broward County on a 23 percent decline in values, and Palm Beach County deals rose 31 percent on a 19 percent drop in prices.
Sales of existing condominiums also increased on lower prices. Deals rose 43 percent in Miami-Dade, 61 percent in Broward, and 33 percent in Palm Beach County.
Nationally, home sales increased 11 percent as the median price fell 11 percent from a year earlier, according to the National Association of Realtors. Distressed sales accounted for 30 percent of all transactions.
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