Miami home sales in August increased 25% year-over-year, but home prices trended lower, according to a DataQuick report Wednesday.
In August, 9,638 new and resale houses and condos closed escrow in the metro area comprised of Miami-Dade, Palm Beach and Broward counties. That was up 24.9% from a year earlier and the highest level for an August in five years.
The San Diego-based DataQuick said the sales gain is attributed in part to the high number of business days in the month. Also home sales fell off sharply beginning early last summer as federal and state homebuyer tax credits expired.
Overall, the median sales price for all new and resale homes and condominiums sold in the Miami region dropped for the 47th consecutive month to $132,000. This was down 5.7% from a year ago.
