Miami Home Sales Rise in September

Miami-area home sales held at a five-year high in September, rising 15% from a year earlier as price reductions and super-low mortgage rates helped stoke year-over-year sales gains across the price spectrum.

The median sale price fell short of the year-ago level for the 48th consecutive month but the magnitude of the decline — 1.5% — was the smallest yet, a real estate information service reported.

In September, 8,546 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. That was down 11.3 from the prior month but up 15.1% from a year earlier, to the highest level for a September since 2006, when 11,892 homes sold, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

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