Miami house prices continue to soar

Miami house prices continue to soar, according to new figures from the Miamie Association of Realtors.

The figures show that hosue prices rose 18.9 per cent in Octoebr 2013 year-on-year to $220,000 - the 23rd month in a row of annual price increaases.

 The median sales price for a Miami condo also climbed, reaching $170,000 from $145,000 12 months ago: an increase of 17.2 per cent.

“The 23 consecutive months of appreciation of Miami home and condo prices is a remarkable sign of the vitality and strength of the South Florida real estate market,” said 2013 Chairman of the Board of the MIAMI Association of Realtors Natascha Tello. “Rising home and condo values is a reflection of increased demand from local, U.S., and international buyers from around the world, creating a great opportunity for sellers.”

Average sales prices were also marked by double-digit growth. The average sales price of a Miami single-family home in October was $421,546, a 29.9 per cent increase compared to $324,611 at the same time last year.