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Home Sales in Miami Cool Off in July
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You're Now Reading:
Home Sales in Miami Cool Off in July
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Home Sales in Miami Cool Off in July
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August 25, 2011 (Shirley Allen)

Sales of new and resale homes cooled off in Miami as sales of newly built homes dropped to a record low according to the latest real estate information released from DataQuick. Prices in the area inched up from June, but were lower year-over-year for the 46th consecutive month.

A total of 8,820 new and resale houses and condos closed escrow in the Miami-Dade, Palm Beach and Broward counties area in July. Sales were 10.5 percent lower than June and were 1.1 percent lower than July of 2010.

Home sales in the region typically decline 3.4 percent between June and July. Home sales were 26.9 percent lower than Miami’s average July sales rate of 12,064.

Existing home sales made up the bulk of sales activity in July with 8,361 condo and single family detached home resale’s recorded, a decline of 10.4 percent from June, but an increase of 1.1 percent over July of 2010. New home sales fell off the radar.

New home sales, like many regions in the country, remained at depressed levels. A total of 459 new homes closed escrow in July, 12.7 percent lower than the 526 homes that were sold in June and 29.2 percent lower than July of 2010. Sales of new homes were at their lowest level on record for the area in July.

Cash buyers were responsible for 62.8 percent of the purchases in July, which was down from 64.2 percent in June, but up from 56.4 percent a year earlier. The record for cash purchases was in March 2011, when 68.6 percent of the sales were for cash. Some cash buyers use alternative financing arrangements but at the time of purchase there was no indication of a purchase loan recorded.

Absentee buyers, usually investors and vacation home buyers, accounted for 37.5 percent of all homes sold in July paying a median average price of $93,000, which was up from $90,700 in June and down from $96,000 in July of 2010.

Foreign buyers made up nearly 5.5 percent of all purchases in July. The median price paid by foreign purchasers for condos was $103,500, while the median price paid for single-family homes was $203,500.

Out of all the foreign buyers who had an identifiable address, 73 percent had an address in Canada.

The overall median price paid for new and resale homes and condos in July was $136,000, which was up 0.7 percent from June, but down 2.9 percent from July of last year. The median home price is 53.1 percent below the peak median price of $290,000 in July 2007.

Miami’s multi-million dollar luxury market also cooled off in July. Sales of houses and condos for $2 million or more were down 24.3 percent from June but up 30.0 percent from July of last year.

Tags: DataQuick, existing home sales, Miami, distressed properties, resale homes, condos, cash buyers, investors, median price

Source:
DataQuick

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August 25, 2011 (Shirley Allen)

Sales of new and resale homes cooled off in Miami as sales of newly built homes dropped to a record low according to the latest real estate information released from DataQuick. Prices in the area inched up from June, but were lower year-over-year for the 46th consecutive month.

A total of 8,820 new and resale houses and condos closed escrow in the Miami-Dade, Palm Beach and Broward counties area in July. Sales were 10.5 percent lower than June and were 1.1 percent lower than July of 2010.

Home sales in the region typically decline 3.4 percent between June and July. Home sales were 26.9 percent lower than Miami’s average July sales rate of 12,064.

Existing home sales made up the bulk of sales activity in July with 8,361 condo and single family detached home resale’s recorded, a decline of 10.4 percent from June, but an increase of 1.1 percent over July of 2010. New home sales fell off the radar.

New home sales, like many regions in the country, remained at depressed levels. A total of 459 new homes closed escrow in July, 12.7 percent lower than the 526 homes that were sold in June and 29.2 percent lower than July of 2010. Sales of new homes were at their lowest level on record for the area in July.

Cash buyers were responsible for 62.8 percent of the purchases in July, which was down from 64.2 percent in June, but up from 56.4 percent a year earlier. The record for cash purchases was in March 2011, when 68.6 percent of the sales were for cash. Some cash buyers use alternative financing arrangements but at the time of purchase there was no indication of a purchase loan recorded.

Absentee buyers, usually investors and vacation home buyers, accounted for 37.5 percent of all homes sold in July paying a median average price of $93,000, which was up from $90,700 in June and down from $96,000 in July of 2010.

Foreign buyers made up nearly 5.5 percent of all purchases in July. The median price paid by foreign purchasers for condos was $103,500, while the median price paid for single-family homes was $203,500.

Out of all the foreign buyers who had an identifiable address, 73 percent had an address in Canada.

The overall median price paid for new and resale homes and condos in July was $136,000, which was up 0.7 percent from June, but down 2.9 percent from July of last year. The median home price is 53.1 percent below the peak median price of $290,000 in July 2007.

Miami’s multi-million dollar luxury market also cooled off in July. Sales of houses and condos for $2 million or more were down 24.3 percent from June but up 30.0 percent from July of last year.

Tags: DataQuick, existing home sales, Miami, distressed properties, resale homes, condos, cash buyers, investors, median price

Source:
DataQuick

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

August 25, 2011 (Shirley Allen)

Sales of new and resale homes cooled off in Miami as sales of newly built homes dropped to a record low according to the latest real estate information released from DataQuick. Prices in the area inched up from June, but were lower year-over-year for the 46th consecutive month.

A total of 8,820 new and resale houses and condos closed escrow in the Miami-Dade, Palm Beach and Broward counties area in July. Sales were 10.5 percent lower than June and were 1.1 percent lower than July of 2010.

Home sales in the region typically decline 3.4 percent between June and July. Home sales were 26.9 percent lower than Miami’s average July sales rate of 12,064.

Existing home sales made up the bulk of sales activity in July with 8,361 condo and single family detached home resale’s recorded, a decline of 10.4 percent from June, but an increase of 1.1 percent over July of 2010. New home sales fell off the radar.

New home sales, like many regions in the country, remained at depressed levels. A total of 459 new homes closed escrow in July, 12.7 percent lower than the 526 homes that were sold in June and 29.2 percent lower than July of 2010. Sales of new homes were at their lowest level on record for the area in July.

Cash buyers were responsible for 62.8 percent of the purchases in July, which was down from 64.2 percent in June, but up from 56.4 percent a year earlier. The record for cash purchases was in March 2011, when 68.6 percent of the sales were for cash. Some cash buyers use alternative financing arrangements but at the time of purchase there was no indication of a purchase loan recorded.

Absentee buyers, usually investors and vacation home buyers, accounted for 37.5 percent of all homes sold in July paying a median average price of $93,000, which was up from $90,700 in June and down from $96,000 in July of 2010.

Foreign buyers made up nearly 5.5 percent of all purchases in July. The median price paid by foreign purchasers for condos was $103,500, while the median price paid for single-family homes was $203,500.

Out of all the foreign buyers who had an identifiable address, 73 percent had an address in Canada.

The overall median price paid for new and resale homes and condos in July was $136,000, which was up 0.7 percent from June, but down 2.9 percent from July of last year. The median home price is 53.1 percent below the peak median price of $290,000 in July 2007.

Miami’s multi-million dollar luxury market also cooled off in July. Sales of houses and condos for $2 million or more were down 24.3 percent from June but up 30.0 percent from July of last year.

Tags: DataQuick, existing home sales, Miami, distressed properties, resale homes, condos, cash buyers, investors, median price

Source:
DataQuick

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.