Miami Home Sales Surge in November

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By DQNews.com
Miami-area homes sold at the fastest pace for a November in five years as lower prices and mortgage rates continued to drive robust demand from investors and vacation-home buyers — both foreign and domestic. The region’s median sale price rose from October but fell short of the year-ago level for the 50th consecutive month, a real estate information service reported. In November, 7,855 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. That was up 5% from the prior month and up 17.5% from a year earlier — to the highest level for a November since 2006, when 10,369 homes sold, according to San Diego-based DataQuick, which tracks real estate trends nationally via public property records. Through November, Miami’s housing market was on pace to post the highest annual sales total for any year since the housing boom ended. January-through-November 2011 sales totaled 96,986, the highest since 144,912 homes sold during that 11-month period in 2006.

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