May Real Estate Sales Were Booming in Florida, Especially in Miami, Where "Home Sales Go Nuts"

Nationally, home sales fell in May by 3.8% from April and by 15.3% from May last year, but the real estate market in Florida was booming in May, with strong gains statewide in condo sales, but especially in the Miami metro area.  

Statewide, Florida Realtors just reported that existing home sales increased by 3% in May and sales of existing condos rose 17%, both compared to a year ago. The median sales price for existing homes in Florida decreased by 5% in May to $135,500 from $142,900 a year ago, but the median price fro homes sold in May increased by almost 3% from April.

In the Miami metro area, the May increases in home and condo sales were even stronger.  The Miami Herald is reporting that there were "875 sales of existing single-family homes, and 1,420 condo sales in May, increases of 20 percent and 46 percent from last May, respectively. Compared to April, home sales were up 5.4 percent in Miami-Dade and up 1.1 percent in the condo market." Here's another news story with the title "Miami Home Sales Go Nuts."

Foreign buyers are helping to fuel the increase in Miami real estate sales, here's a Bloomberg story about strong demand for Miami homes and condos from Brazilian investors, who are taking advantage of the 45% appreciation of Brazil's currency since 2008.