Miami-Dade County experienced year-over-year inventory growth in August as sales dipped, according to the MIAMI Association of REALTORS® and the MIAMI Southeast Florida Multiple Listing Service.

Inventory for single-family homes grew 28.2% year over year to 5,361. Condo inventory also grew, with a 25.2% increase to 12,637. Although improving, total inventory is still 16.6% below pre-pandemic levels.

The pace of home sales declined year over year, with single-family sales sliding 8.2% to 885, and condo sales falling 13% to 903. MIAMI REALTORS® attributed the slump to elevated mortgage rates, lack of inventory at key price points and a lack of FHA loans. Statistics from the U.S. Department of Housing and Urban Development show that only 21 of the 2,397 condominium buildings in Miami-Dade, Broward and Palm Beach counties are approved for FHA loans, thanks to rules governing the amount of reserves a condo association must maintain.

The price for a single-family home increased 2.3% yearly as Miami-Dade County homes fetched a median sales price of $655,000 in August. Notably, the median price for a single-family home in Miami has risen 164 of the last 165 months.

For existing condos, the year-over-year median sales price declined 1.2% in August to $410,000.

Luxury gains

Miami’s luxury market continued to flourish in August. Sales of condos over $1 million grew 10.8% year-over-year, from 120 to 133. Meanwhile, total transactions over $5 million increased 11.8% from 34 to 38.

Plus, South Florida is on track to see the second-most $10 million and up home sales ever in a single calendar year. Projections show South Florida’s market posting 426 ultra-luxury sales before the end of 2025, just missing the 2021 record of 444.