Home prices, sales rise in South Florida

Recovery for South Florida's housing market may arrive more quickly than expected after prices for single-family homes and condos rose for the ninth consecutive month in May, according to data released this week by the Florida Association of Realtors. The median price for a single-family home in Miami-Dade County rose to $194,700, a $17,700 increase from April. The median price for a condo in the same county increased $6,800 from April to $140,300. However, home prices are still down 39 percent from last year, which has spurred sales. Low prices, low interest rates, and the first-time homebuyer tax credit are luring many buyers and investors into the South Florida market. In Miami-Dade, single-family home sales are up 76 percent compared to May of last year and condo sales are up 36 percent. [Miami Herald]