We now have data through June of 2014, so we are halfway through the year already.  First, let’s take a look at the residential inventory for Miami-Dade, Broward and Palm Beach County.

In June, the number of listed residential properties for sale reached 44,441.  This number included 19,428 houses (up from 19,190 in may) and 25,013 condo/townhouse properties (down from 25,120 in may).   Please take note of the far left portion of this chart when residential inventory was over 70,000 units listed for sale.  You need to remember that foreclosures were halted in late 2010 and the banks gradually removed the bulk of foreclosures from the market.  That is why inventory dropped gradually over the next few years.  Inventory was cut in half and hit a low point in October 2012 with only 34,993 units available for sale.  After that, there has been a slow and slightly bumpy rise in available inventory.

How about the average sale prices?  In June, the average sale price of a single-family home dropped slightly to $462,731, which down from $481,218 in May.  The average sale price of a condo/townhouse property dropped from $278,624 in may to $264,413 in June.  One month never makes a trend, so we will see over the next few months if this is where the recent rally in housing stalls.  Has the housing bubble 2.0 popped?

As for foreclosures, June was a big month.  There were a total of 9,493 new foreclosure actions filed in South Florida in the month of June.  This represents a 55% increase over the May numbers.

As for another key statistic, the monthly average of new foreclosure filings in 2014 has now surpassed the 2013 average.  Here are the numbers:

• In 2012, the monthly average of new foreclosure filings in South Florida was 4,053
• In 2013, the monthly average of new foreclosure filings in South Florida climbed to 6,861
• So far in 2014, the monthly average of new foreclosure filings in South Florida is 6,965

In order to put these figures into perspective, this is what it looks like when you chart the total number of transactions and the foreclosure filings.  Last month, total sales were 8,390, compared to the 9,493 foreclosure filings.  The way that foreclosure filings shot past the total number of sales is very disturbing and we will cover the South Florida foreclosure problem with more detail in another post.