Following a national trend, the price and number of homes sold in Miami fell from June to July as inventory surged.
Specifically, Miami’s median sales price of $445,000 was 1.8% below June’s $453,000 reading, while homes sold fell 20.7% to 6,497. Active inventory was up 19.2% to 24,443. Year over year, the sales price was up 18.7%, while transactions were 40.9% lower, and inventory was 20.8% higher.
Nationally, the median sales price slid 2.9% from June but rose 8.1% from July 2021 to $415,000, while closed transactions were down 16.6% on a monthly basis and 26.3% on a yearly one. Active inventory rose for the fourth month in a row, with a 13.3% increase over June and a 30.4% surge over July 2021.
The average close-to-list-price ratio of the 53 metro areas surveyed was 101%, down from 102% in the preceding month and year-ago period. The ratio represents the average value of the sales price divided by list price, and any number over 100% means the home sold for more than asking.
The average days on market totaled 25, up from 23 in June. Months’ supply of inventory rose to 1.8 from 1.4 in June and 1.2 in July 2021.
“The market is rebalancing after favoring sellers for so long,” RE/MAX President and CEO Nick Bailey said in a press release. “There’s still ground to make up with new construction, but the change in recent months has brought some much-needed relief to buyers. And sellers still have it good, too. A calming market doesn’t mean a stoppage — and there are plenty of benefits to being on that side of the equation.”