Saturday, April 08, 2006

Miami'sHousing Market Continued to Cool in January 2006

Miami's housing market continued to cool in January 2006. Sales of existing single-family homes declined dramatically across the region, compared to January 2005.
Palm Beach County sales fell 39 percent, Broward's dropped 36 percent and Miami-Dade's fell 28 percent. Meanwhile, prices aren't appreciating as they were last year.
Palm Beach County's median price for January was $393,700, up just 9 percent over January 2005 and down roughly 4 percent from December.
Broward's median of $370,500 and Miami-Dade's median of $376,300 were flat compared to December. The median price means half the homes sold for more, half for less.
Existing condominium sales also were down across South Florida during January.
Nationally and locally, the sales slowdown is good because it lessens the chances that there will be a bone-jarring plunge in home prices, the "bubble" bursting scenario that many experts have long debated.
The Orlando area hit a record high 12,015 existing homes for sale in January 2006.
But Metro Orlando sales in January were up 6.2 percent from a year ago, and the median price rose 25.4 percent to $242,050, though that was less than one percent higher than in December, continuing a price flattening that began in mid-year.

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