MIAMI (CBS4) – Some good news for single family homes and condos in Miami-Dade County; sales saw a double digit jump in May.
The Miami Association of Realtors is reporting that compared to May 2011, single family home sales rose 14 percent and condo sales rose 10 percent.
Sale prices are also on the rise. The median price of a single family home rise six percent and condo prices jumped 22 percent over the same period last year.
The only thing down seems to be inventory. It shrunk 33 percent compared to May 2011.
“The number of applications coming in for new purchases is just crazy,’’ said Adam Cohn, senior mortgage banker of Main Street Financial a mortgage bank and brokerage in Deerfield Beach told CBS4 News partner The Miami Herald. “A lot of the feedback we get from people is they want to jump in because home prices are creeping up a little bit in value.’’
The housing outlook isn’t all good, however. The housing market will continue to be rocky for years to come due to another spike in foreclosures. The trend has made a resurgence due to the recent settlement of litigation brought against banks by 49 state attorneys general. The settlement has allowed for lenders to have more clarity on how to proceed with delinquent mortgages.
(©2012 CBS Local Media, a division of CBS Radio Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. CBS4 news partner The Miami Herald contributed material for this report)