House prices edge higher in Miami

The sun continues to shine in Miami as results for last month show that house prices are continuing to climb steadily higher.

In contrast to many other regions of the USA real estate market home prices across Miami have risen for the fourth month in a row. Average sale price of condominiums have been recorded at more than 45 per cent higher than the same time a year ago and now stand at around $141,700, the price of single family homes also showed a strong improvement now reaching $180,000 on average.

Members of the Miami Association of Realtors have noticed a greater number of sales to a whole variety of real estate buyers including local residents moving up or down the property ladder, international property investors looking to increase their property portfolios and holiday home buyers looking for a place in the sun.

Distressed properties have been selling well and cash sales during March accounted for almost half of all residential real estate sales throughout the region.