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.

Sales rose 9.5% from January to a seasonally adjusted annual rate of 4.38 million.

The median existing-home price for all housing types was $379,100, up 5.1% from $360,800 a year before.       

Single-family home sales prices increased in 189 out of 221 metro areas analyzed, with the median single-family price in the country rising 3.5% year over year to $391,700.

Days on market declined in Miami-Dade, Broward and Palm Beach counties.