The sale of two waterfront lots sets new record price for Venetian Islands.

Homeowners nationwide enjoyed a more than 8% increase in home prices over the last 12 months ending in November, making it the largest year-over-year increase since March 2014, according to the CoreLogic Home Price Index.

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Inventory also reached its lowest point in the report’s history, down 31.8% from the same time last year and down 13.3% from October.

The report noted that 29.4% of Redfin.com users nationwide looked at relocating to another metro area in October and November — that’s up from 25.4% last year.

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Griffin, the owner of Chicago-based Citadel Securities, has already sold the larger of the two units for $35 million and the second is currently under contract for $12.5 million.

More than half of Redfin listings (54%) experienced bidding wars in November, down only 4 percentage points from the previous month, according to the online broker’s new report.

The transaction represents the third-most expensive penthouse sale in Miami Beach within the past seven years.

The flight of homeowners from large urban centers to the suburbs has unexpectedly begun to reshape residential real estate, but luxury property in large cities have also gotten a boost from the hot market.

“We are looking forward to breaking ground in early 2021 on what we expect will be one of the iconic centerpieces of Miami Worldcenter.”

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“Much of what makes walkable neighborhoods so desirable and valuable has been diminished this year.” — Redfin chief economist Daryl Fairweather

The report noted that the populations of large cities have declined the most during the pandemic.