Miami Home Sales Continue Dramatic Increase in May 2009
Miami Home Sales Continue Dramatic Increase in May NAR Chief Economist Says Florida Market May Have Bottomed Miami, FL – In Miami, there was a 76 percent increase of existing single-family home sales in May 2009 compared to May 2008. Miami was the strongest single-family market in Florida showing a substantial increase compared to only 16 percent statewide. The sales of existing condominiums in Miami-Dade increased by 36 percent compared to the same period last year - and to the 21 percent statewide increase. The Miami real estate market has experienced a surge in sales each of the last 10 months. According to National Association of Realtors® (NAR) Chief Economist Lawrence Yun, the South Florida real estate market may have hit bottom. “We’re certainly near the bottom if not at the bottom already,” said Yun at the recent International Real Estate Congress and Expo in Miami. According to Yun, the current conditions will allow buyers priced out during the real estate boom to ret