High-end buyers and first-timers propelled the Miami housing market in August, boosting sales by 9.3 percent from July and 25 percent from August 2010, according to new research by DataQuick.
Homes on either side of the pricing spectrum were prominent in the sales increases. On the low end, 39.4 percent of August’s transactions used low down payment, first-time homebuyer financing options. That was an increase from 37.9 percent in July, and the median price for those homes was just $90,000.
On the high end, 64 homes and condos were sold for $2 million or more in August, an incredible 36.2 percent increase from a year ago.
Foreign investment has been a big part of the U.S. housing market as of late, and recent comments by Jack H. Levine, the chairman of the Miami Association of Realtors, suggest it has been a contributor to Miami’s success.
“The Miami real estate market continues to outperform the nation,” Levine said, noting Miami’s “increasing attraction to foreign, vacation, and second home buyers. Canadian, Brazilian and Venezuelan buyers lead local international sales and contribute to the health and balance of our market.”