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Miami home sales transactions up 131.8% from a year ago

by Timothy Inklebarger

The typical increase in home sales as summer approaches failed to materialize nationwide last month, with average sales dropping 0.2% from April to May, but month-over-month sales in Miami dipped even further, declining 14.7%, according to the RE/MAX May National Housing Report.

RE/MAX provided a pre-pandemic average from 2015-2019, showing that the average gain from April to May is 13.9%.

Nationwide, the number of months of available housing inventory sunk to 1.1, while in Miami the number of months’ supply fell 14% from April to 3.1 months. That’s less than half of what it was a year ago when the number stood at 8.8 months.

The report noted that Miami topped the list of metro areas for number of days homes are on the market before selling. In Miami, it’s 85 days. That’s followed by Des Moines, Iowa at 83 days and New York City at 79 days.

The typical increase in home sales as summer approaches failed to materialize nationwide last month, with average sales dropping 0.2% from April to May, but month-over-month sales in Atlanta dipped even further, declining 8%, according to the RE/MAX May National Housing Report.

RE/MAX provided a pre-pandemic average from 2015-2019, showing that the average gain from April to May is 13.9%.

Nationwide, the number of months of available housing inventory sunk to 1.1, while in Atlanta the number of months’ supply held steady from April at one month. That’s less than half of what it was a year ago when the number stood at 2.1 months.

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