Miami Home Prices Post Strong Gains for Third Consecutive Month in February

The good news continues to pour in for the Miami real estate market.  Earlier today, the Miami Association of Realtors released a report showing that Miami home prices had posted strong gains for a third consecutive month in February.  Here’s an excerpt from the press release that was issued:

For the third consecutive month,Miami home prices posted strong gains in February. The median sales price of condominiums in the Miami-Dade County surged 40.4 percent to $131,950 in February compared to a year earlier, according to the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. The median sales price of single-family homes rose 19 percent to $175,000.

“Miami home prices have rebounded sooner and stronger than predicted, which is a very encouraging sign for the Miami real estate market,” said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. “Months supply of inventory has dipped below 5 months, as housing inventory continues to dwindle. Limited supply should further strengthen home prices.”