Miami-Dade County’s housing market has been firing on all cylinders recently, posting its best June in three years and 10th consecutive month of annual gains, MIAMI REALTORS® + RWorld said.
Total home sales rose 14.3% year over year to 2,107 transactions, while single-family sales climbed 16.8% to 1,049 deals, and condominium sales rose 12% to 1,058.
“Cash buyers, wealth migration and robust global demand continue to fuel Miami real estate,” MIAMI REALTORS® + RWorld Chairman Alfredo Pujol said. “We saw that this month as Miami welcomed fans from around the globe for the FIFA World Cup. Visitors got a firsthand look at how we host world-class events and why so many CEOs and companies are relocating here. The Miami lifestyle is like no other.”
Indeed, sales of homes priced $1 million and above surged 29.1% year over year to 483 transactions. Meanwhile, the median sales price for single-family homes ticked 3.7% higher to $695,000, and the median condo price slid 3.1% to $431,000.
“While sales broadly rose across price tiers, the million-dollar segment continued to outperform, with June sales up 40% from one year ago, a clear indication of the acceleration in wealth migration to South Florida,” MIAMI REALTORS® + RWorld Chief Economist Gay Cororaton said.
Pending sales, a forward indicator of future market performance, look healthy as well, with signed contracts for single-family homes up 10.7% year over year at 1,018, and pending condo sales rising 7% to 1,077 deals.
