Median price in Miami rose for the seventh consecutive month in June, with international buyers leading the charge.

Miami’s real estate market continued its strong 2012 performance in June, with home prices rising in the city for the seventh consecutive month.

Condos were a particularly hot draw, posting year-over-year median price gains of 34 percent, with single-family homes rising a respectable 5 percent.

Martha Pomares, the chairman of the Miami Association of Realtors (MAR), said numerous demographics have been responsible for Miami’s 2012 ascendence.

“The remarkable rise in Miami home prices over the last seven months reflects the strong demand that exists for local properties,” Pomares said.  “While worldwide foreign buyers and investors continue to play a major role in boosting the performance of the Miami real estate market, U.S. baby boomers, residents migrating from other states and vacation and second home buyers are all having a major impact.”

Additional details in MAR’s report included:

• Statewide, median sale price rose 8.2 percent for single-family homes and 15.8 percent for condos, compared to a 7.9 percent increase nationally.
• Total residential sales in Miami-Dade County were up 2 percent from last year, with condo sales rising 4 percent and single-family home sales actually falling a bit by 2 percent.
• For all of Florida, single-family sales rose 5.3 percent year-over-year and condo sales were up 1.5 percent from the same period.
• Housing inventory continued to fall, dropping 29 percent in June 2012 from June 2011 in Miami-Dade, where inventory is just 4.2 months of supply.
• Forty-four percent of Miami-Dade sales were distressed, down from 46 percent in May and 57 percent in June 2011.
• As ever, international buyers fueled Miami-Dade’s activity, with 65 percent of total closed sales being all-cash transactions (nearly 90 percent of international buyers pay in all cash), compared to 29 percent nationwide.

Patricia Delinois, MAR’s residential president, said probably the greatest truth about Miami’s current market – it is unique.

“The Miami real estate market is unlike any other in the U.S., as evidenced by a recovery that was faster and stronger than any other and that far exceeded experts’ expectations,” she said.