Miami residential sales jump 51 percent in third quarter: report

The sales of single-family homes and condominiums in Miami-Dade County rose by 51 percent in the third quarter, according to a report from the Miami Association of Realtors. It was the 13th consecutive quarter of increasing sales in Miami. The average sales price of single-family homes also rose, jumping 19 percent, and the average sales price of condos jumped by 21 percent. "Strong demand from international buyers is fueling robust sales activity in Miami despite low consumer confidence and high unemployment," said Jack Levine, chairman of the board of the Miami Association of Realtors. "Local sales are expected to set a record this year that should exceed the height of the boom in 2005." Total housing inventory in Miami-Dade County fell 38 percent from the same period in 2010, with a 65 percent total drop since August 2008.  --Alexander Britell