International Investors Continue to Fuel South Florida Housing Market

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According to the Miami Association of Realtors, foreign investors are continuing to invest in properties in Miami-Dade and Broward County. This has increased home sales by 49 percent in the second quarter.

The Miami Metropolitan Statistical Area (MSA) gathered data for the Miami Association of Realtors, which said the sales of homes – including existing single-family homes and condominiums – increased 49 percent, from 4,557 to 6,768, in the second quarter of 2011. In addition, 15 percent from the previous quarter. This rise marks 12 consecutive quarters, since the third quarter of 2008, of increasing sales.

According to the Miami MSA, Miami had the highest sales increases of any major metro area for condominiums and of all single-family home markets in Florida. Miami sales of existing single-family homes increased 31 percent compared to a year earlier.

Across the state, sales of single-family homes increased 1 percent while that of condominiums increased 14 percent. Nationally, total state existing-home sales, including single-family and condo, declined 5.4 percent compared to the first quarter of 2011 and were 12.7 percent below the second quarter of 2010.

The recent increase in home sales are reportedly from an influx of international buyers. Although Florida is the top state for international buyers, this buyer segment is also actively taking advantage of deals throughout the country, according to MiamiTodayNews.com.

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