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 price | Sales volume | Inventory 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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