Miami-Dade County single-family home sales increased 6% year-over-year in May, from 1,040 to 1,102, marking the sixth increase in the last seven months, according to the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS). 

Miami existing condos slid 5.6% year-over-year, from 1,372 to 1,295, in part due to a lack of inventory at key price points, the organizations said, noting that about 53% of new condo inventory is at $600,000 or above. 

The decline in condo sales dragged total home sales into negative territory, with transactions sliding 0.6% from 2,412 to 2,397. 

The median price of a Miami-Dade single-family home increased 6% year-over-year, climbing from $620,000 to $650,000. The median price has risen for 150 consecutive months, a record streak.  

Existing condo median prices, meanwhile, rose 2.4%, from $415,000 to $425,000.  

“Miami real estate is always the exception to the rule,” MIAMI Chairman Gus Fonte said in a press release. “While other U.S. markets are seeing prices and sales decline, Miami home equity has surged two times the national figure over the last 15 years. Massive in-migration of households with higher incomes from the Northeast, plus a high percentage of cash buyers is shielding the market from most of the impact of elevated mortgage rates.”    

New listings increased 14.1% year-over-year, from 3,280 to 3,743, while active listings increased 43.7% year-over-year, from 9,331 to 13,405. 

Total inventory was down 33.9% from the historical average for Miami-Dade. The monthly historical average for existing inventory is 20,302, and inventory at month’s end was 13,405. 

Months’ supply of inventory for single-family homes was 4.4 months, which indicates a seller’s market, while condo inventory was 8.6 months, which indicates a balanced market.  

The median number of days between listing and contract dates for Miami single-family home sales was 33 days, down from 27 days a year ago, while the median number of days between the listing and contract for condos was 46 days, up from 36 days.