They're the statistics US agents have been waiting for – those that prove sales in the housing market are finally on their way up. And it's no surprise that sunny Florida, and more specifically glitzy Miami, playground of the rich and famous, is leading the charge as investors start to clue in en masse to the great deals available in American real estate right now.
According to the latest figures released Wednesday by the Miami Association of Realtors, condo sales in the Miami-Dade County area increased by a whopping 54% year-on-year in June. Single-family home sales weren't far behind, with a 34% increase in sales last month compared to June 2010's figures, and a 5.5% increase compared to May.
Mike Pappas, of South Florida-based Keyes Realty, told the Miami Herald that the rush of interest from overseas investors has seen a sales increase to rival the peak days of the housing boom. "We've been running hard since March", he said. "We haven't had four months like that since 2006."
Indeed, the USA has shot to the top of TheMoveChannel.com's latest property search statistics, as the third most searched for country amongst prospective home buyers, only narrowly beaten out for second place by France. With the unbelievable price reductions available in Florida for quality new or recent builds, this is hardly surprising, says Property Frontiers' Ray Withers. "It is certainly a good time to buy, particularly as high quality homes are now on the market for less than 50% of what they were priced at five years ago."
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