The values across the nation have been surpassed by Miami's strong ratings as November 2018 was a big month for the US region, World Property Journal revealed. The Miami Association of Realtors said that home sales in the region received a 7 percent increase year-over-year. This was good for a fifth consecutive monthly mark, analysts further noted.
This makes it an overall year-over-year improvement through 2018 as the months of July, August, September, October, and November posted great values. Helping the cause is the 12,793 transactions that happened in the Miami condo market. Analysts have pegged this rate as a 6.8 percent increase from the same time last year.
M.A.R Chairman of the Board George C. Jalil said that these values were great indications that Miami real estate, at the very least, was one of the nation's lone bright spots. The condo market appeared to have a consistent trend, increasing from last month. It wouldn't be notable if not for the particular big sales increases that happened even at the bottom of the market to the top.
The National Association of Realtors' (NAR) chief economist Lawrence Yun said that prices going up have affected the marketplace pretty quickly. Home prices have far exceeded the growth of income, where first-home buyers have failed to purchase their dream homes. As for first-time sellers, they had to resort to listing their properties just to get it sold.
To further illustrate the problems hounding the work market, according to World Property Journal, prices have risen to 44 percent while work wages failed to make any significant progress, increasing to just 16 percent. Even in a survey, a lot of those who answered felt that their house prices have progressed over the last year.
The total existing-home sales have moved up to 1.9 percent on the strength of regions like Miami posting impressive sales, despite the problems faced by first-time home buyers. This doesn't make it any better than a year ago, however, as sales still dipped down to 7.0 percent despite the regions' best efforts in market sales.
Median sales prices for single-family family homes and condo-townhouse properties remained hiking up to unbelievable ranges. Last month alone, the condo-townhouse prices were level at $185,000, up by 5.1 percent from a year ago, where houses were easier to purchase for families.
