Pent-up demand and record-low mortgage rates continued to fuel home sales in October, according to the latest report from MIAMI Association of Realtors.
Miami-Dade County total home sales jumped 16.2% year over year, from 2,355 to 2,737, while single-family home sales climbed 15.7% year over year, from 1,146 to 1,326.
Miami existing condo transactions also increased from the previous year, up 16.7% to 1,411.
“Miami single-family home sales have now posted double-digit, year-over-year increases for three consecutive months and Miami existing condos have posted transaction gains for two straight months,” said MIAMI Chairman of the Board Jorge L. Guerra in a press release. “Robust pent-up demand, record-low mortgage rates and purchases from tax-burdened Northeastern home buyers are fueling a resilient Miami real estate market.”
Sales of single-family luxury homes ($1 million-and-up) led the way, climbing 122.1% above October 2019 to 171 sales.
Transactions of homes priced between $400,00 and $600,000 surged 52.5% year over year to 424 transactions while existing condo sales priced between $400,000 and $600,000 were up 46.5% to 145 transactions.
Along with demand, price appreciation continued in October.
Single-family home prices in Miami-Dade County increased 19.2% year over year from $365,000 to $435,000, marking the 107th consecutive month of price appreciation.
Cash buyers represented nearly 30% of total closed sales in October — as compared to 19% nationally — a reflection of South Florida’s international appeal.
Calling Miami-Dade’s single-family home sector a seller’s market and the condo sector a buyer’s market, MIAMI Realtors reported a 39.8% decrease single-family home inventory in October while condominium inventory was down 8.4% from the previous year.