By the Numbers
The city experienced a 70.1% yearly increase in active inventory, according to the latest RE/MAX National Housing Report.
Price growth on the national level continued to decelerate on a year-over-year basis.
July’s seasonally adjusted annual rate of 739,000 represented a 10.6% jump from June’s upwardly revised rate of 668,000.
The pace of home sales increased 1.3% from June after months of decreases, the National Association of REALTORS® said.
The city also took the top spot among the cities with the lowest average close-to-list-price ratios, according to the most recent RE/MAX National Housing Report.
The combination of rising inventory and price reductions in Miami and nationwide is creating a more buyer-friendly market.
The National Association of REALTORS® said its Pending Home Sales Index rose 4.8% month over month.
The median price of a single-family home sold in the county rose for the 150th month in a row, a new record.
The record-breaking sales price comes as the pace of transactions slid from April, the National Association of REALTORS® said.
At the same time, inventory also rose in all three South Florida counties.
The S&P CoreLogic Case-Shiller U.S. National Home Price Index has hit a new record for six of the last 12 months, as demand remains strong in the face of tight inventory.
At the same time, the median price of a new home sold in April declined as well.
At the same time, the median prices for single-family homes and condominiums also gained ground.
The city saw a 31.2% annual jump in new listings in April and a 54% surge in months’ supply, according to the latest RE/MAX National Housing Report.
New-home construction jumped 5.7% month over month after a soft March, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Home sales in Miami-Dade, Broward and Palm Beach counties declined as inventory increased.