Miami: According to a report by Miami home sales realtors, the city enjoyed its best May season as it witnessed 1,344 single family home sales, the most seen in the month of May. Miami witnessed a 9.9% hike in home sales as compared to the previous year. Miami’s total sale has been up by 7.7% while the single family transaction has increased up to 24% and the single family home has seen increase in sale for the past three months.
Total sale went up to 2,728 homes from 2,532 homes. Sale of condominiums also witnessed an hike of 5.7% year over year. The problem for the lack of more growth in condominiums is the lack of access to mortgage loan and as a result out of 9,307 buildings, only 12 are approved by the federal housing administration loan.