South Florida Home Appreciation Rates Set Pace Among Resales
Written by Marilyn Bowden on August 9, 2001
By Marilyn Bowden
While home prices increased nationwide during the past year, industry reports put Miami at the head of the pack.
The June 2001 Florida Sales Report issued by the Florida Association of Realtors, which tracks sales in 20 metropolitan areas, recorded a 22% jump from June 2000 in the median sale price of an existing home in Miami – way out in front of the 9% statewide average.
The June 2001 median price in Miami was $167,500, compared with $137,800 the year before. Statewide figures were $132,500 (2001) and $121,300 (2000).
"In June 1996," this report said, "the statewide median sales price was $94,700, translating to a 39.9% increase over the five-year period."
Fort Lauderdale, with a 16% leap in median price from $152,800 to $177,600, saw the second highest increase from June 2000-June 2001. Jacksonville and Lakeland-Winter Haven and Orlando all had 15% rises.
Naples, where median sales consistently top $200,000, the pace dropped 11% in the year, according to the Florida Sales Report – from $259,000 at mid-year 2000 to $230,300 this year.
A housing analysis for June 2001 from The Meyers Group, which charts US housing trends, reported a 5% increase over May in the median price of an existing home nationwide – from $145,000 to $152,600.
"June’s median price was 8.8% higher than last year," the report said, "and 11.5% higher than two years ago."
In general, the Meyers analysis found, the South had the highest monthly increases in sales prices, with a June rise of 13% across the board.
The number of sales is also up nationally, with the South again taking the lead with a monthly increase of 5.6%, Meyers reported.
The Florida Sales Report showed 7% more sales statewide and 4% in Miami over June 2000. Sales in Fort Lauderdale dipped 4% in the period.
Panama City led the state with 35% more sales in the past year. Pensacola’s 25% drop was the steepest recorded plunge.