Miami-Dade housing market on the rebound

MIAMI – According to a report released by the Office of Economic Development and International Trade (OEDIT), single family home sales (reported by the Florida Association of Realtors) surged to 822 in November, the highest number of sales reported since March 2006.

This represents a 57.3% increase over the previous month, and more than a 50% increase from November 2009. The median single family home sales price in November dropped to $171,500, the lowest level since February of 2002, off 14% from October and 7% from November of last year.

The number of Lis Pendens continues to drop, to 1,105 filings in November. This is a decrease of almost 36% from October, and almost 73% from November 2009. REO Foreclosures are projected to follow suit and decline from their very high current levels. RealtyTrac reports 1,569 REO foreclosures in November, down nearly 10% from October, but still over 155% higher than November last year.

One positive outcome from the turmoil in the housing market has been an increase in affordability of housing in Miami-Dade. The National Association of Realtors tracks a national index calculated as the ratio of the monthly median family income over the median monthly mortgage cost.

The Miami-Dade index grew from 112.9 in 2007 to 135.9 in 2009, and has continued to grow to 161.1 in November 2010 as median sales prices of homes and interest rates have both declined. The corresponding national index grew from 115.4 in 2007, and 169.4 in 2009 to 184.5 in November. The Miami-Dade market has remained consistently less affordable than the national housing market.

To see the complete report or to sign-up to receive the monthly Economic Indicators reports visit:

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