Miami condo sales up 46 percent

Sales of existing condominiums in the Miami metropolitan area rose 46 percent in May, compared to the same period in 2010, according to data from the Miami Association of Realtors. There were a total of 1,420 condo sales last month, up from 972 in May 2010. Single-family home sales also showed an increase, jumping 20 percent to a total of 875 sales last month. International buyers continued to dominate the market, with 60 percent of closed residential resales last month transacted by foreign buyers, who also bought 90 percent of new construction sales. "The current performance of the Miami market is exceeding expectations," said Jack Levine, Chairman of the Board of the Miami Association of Realtors.