Total home sales, single-family sales and condo sales all saw year-over-year growth in October, according to the latest data from the MIAMI Association of REALTORS® and the MIAMI Southeast Florida Multiple Listing Service.

Continuing last month’s positive trends, sales of single-family homes and condos in Miami both saw a 7% increase year over year.

Prices remained high in both markets, but condo prices saw a modest dip. The median price for a Miami condo decreased 3.61% year over year, from $415,000 to $400,000. As of this month, Miami condo prices have risen 100% since 2015.

Meanwhile, a single-family home cost a median $682,000 in October, a 1.68% year-over-year increase.

All-cash sales saw a jump of 17.3% from the same month last year, while transactions for properties valued at and above $1 million grew 20%.

“Market declines are fueled by debt, not cash. Miami is America’s No. 1 metro for all-cash sales,” MIAMI Chairman of the Board Eddie Blanco said. “All-cash Miami sales rose once again year-over-year last month. This shields our market from the impact of elevated rates and shows how committed buyers are to Miami real estate. The long-term data continues to reflect South Florida’s enduring appeal and strong value trajectory.”