Pavilion from the Ocean

Pavilion from the Ocean

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Miami-Dade Condo Prices up 33.3% in July

South Florida’s home market keeps on sizzling.
Sales volume is as hot as the boom time of 2005, although the median prices are still far lower. More single-family homes were sold in July in Miami-Dade County than at any time since the peak of the boom. Prices, while improving, are still lagging 35 percent behind.
What’s driving the market? Supply — there isn’t much — and demand — a lot of buyers are racing against rising mortgage interest rates.
The median price of a single-family home in Miami-Dade soared 25.7 percent in July to $230,000 from $183,000 a year earlier, the Miami Association of Realtors said. Single-family home sales in Miami-Dade jumped 27.3 percent in July to 1,227 closings from 964 a year earlier. That marked the highest sales volume since 2005, when the median price was $351,200.
JULY’S SIZZLING HOME SALES
Year-over-year percentage change
Median priceSales volumeInventory listed for sale
Miami-Dade single-family home+25.7%+27.3%+0.6%
Miami-Dade condo+33.3%+13.4%+13.5%
Broward single-family home+27.9%+12.9%(-10.3%)
Broward condo+29.2%+12.6%(-7.1%)
Source: Miami Association of Realtors and Greater Fort Lauderdale Association of Realtors

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