Housing prices along Miami’s coastal mainland
exceeded year ago levels despite the expansion
of inventory and fewer sales. Overall median sales
price increased 7.7% to $280,000 over the same
period. This pattern was consistent with the 6.7%
rise in average sales price to $441,915. Like the
prior quarter a large portion of the decline in sales
was attributable to the reduction in distressed sales
activity, namely foreclosures and short sales. The
number of distressed sales dropped 44.3% from the
prior year quarter bringing their market share down
to 16.7% of all sales. However the number of nondistressed
sales slipped only 1.2% respectively from
the year ago quarter…