Miami property sales dropped to 11.7 percent
Miami Association of Realtors says that uncertainty in mortgage interest rates may have affected the federal government’s closure and the stockpile of Miami-Dade’s total property in January 2019. Sales of Miami-Dade County decreased by 11.7 percent in January 2019 compared to the same period of the previous year. After increasing home sales in five of the last six months and selling the fourth largest single-family home in 2018.
“Mid-market sales in the $300,000 to $400,000 range increased for single-family homes in January,” said 2019 MIAMI Chairman of the Board José María Serrano. “Total sales year-over-year decreased in January due to the recent uptick in interest rates.”
According to Freddie Mac, the average commitment rate for a 30-year traditional fixed-rate mortgage fell from 4.64 percent in December to 4.46 percent in January. The average commitment rate for the whole of 2018 was 4.54 percent. Miami single-family property sales fell 11.5 percent from 875 to 774. Condo sales fell 11.9 percent from 945 to 833. Condo sales rose in 7 of the last 10 months.
The decline in January 2019 stems from the lack of stock at low price points. The stock falls to Miami single-family property, which makes sales of $ 400,000 and under. Total sales volume decreased by 3.94 percent in January 2019 to $ 706.1 million.
The volume of single families increased by 0.3 percent from $ 407.5 million to $ 406.4 million. Condo dollar fell from $ 383.8 million to $ 353.7 million, down 7.8 percent. The lack of access to housing loans continues to prevent further expansion of the existing property market. According to the Florida Department of Business and Professional Regulation and FHA, only 12 of 9,307 condominium buildings in Miami-Dade and Broward districts have been approved for Federal Housing Administration loans from 29th of last year.
Source: World Property Journal
Melike Vodina / realesatecoulisse.com