Miami, FL - Local Housing Data - Summary

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Miami, Fort Lauderdale, Pompano Beach, FL

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Miami, FL Local News

  • Gender Trumps Grades When it Comes to Wage

    Fast Company staffer Samantha Cole reports on a University of Miami gender-compensation analysis that concludes that a woman with a 4.0 GPA in high school ends up earning the same as a man with a 2.0.

  • Will Florida's Home Price Appreciation Continue in 2014?

    Florida, much like the nation as a whole, saw tremendous home price appreciation in 2013. Metrostudy's Tony Polito examines the rising home prices in his market and notes the days of the double digit price and volume growth are behind us looking ahead in 2014.

  • 1Q14 Miami and South Florida Housing Market Analysis

    Despite positive job growth in South Florida, Metrostudy's first-quarter housing market survey shows starts have plateaued and land availability, labor supply and price increases threaten future growth.

Newest Numbers For Miami Show New Home Closings and Prices Climb

Posted on: Jul 06, 2014 07:23:35 AM

In the Miami, FL market, closings of new homes climbed year-over-year in March, and the percentage surge was better than February 2014, suggesting the market may be strengthening. New home closings saw a jump of 7.9% from the year earlier to 467. This came on the heels of a 6.8% jump year-over-year in February.

A total of 5,636 new homes were sold during the 12 months that ended in March, up from 5,602 for the year that ended in February.

Out of all housing closings, new home closings made up 3.2%. A year ago, new home closings represented 3.1%. Closings of new and existing homes jumped year-over-year in March after also rising in February year-over-year.

Pricing and Mortgage Trends

For newly sold homes, the average price grew 2.7% year-over-year in March to $435,055 per unit. This gain compares to a 10.1% drop in February from a year earlier.

There was a surge year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size rose to $316,906 in March, marking a 4.7% lift compared with a year earlier. In February 2014, average mortgage size on newly sold homes saw a 10.5% surge year-over-year from a year earlier.


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