Miami home sales and prices rose again in the second quarter as a depleting housing supply and strong demand pushed both figures higher, the Miami Association of Realtors and the Southeast Florida Multiple Listing Service said.
Statistics pulled from the National Association of Realtors and Florida Realtors show the median sales price on a single-family Miami-Dade County home rising 4% to $185,000 in the second quarter compared to a year earlier.
The median sales price for condos also hit $153,000, an increase of 28% year-over-year and 18% from the previous quarter.
"Miami is a very unique real estate market, attracting both U.S. and international buyers unlike any other market in the U.S. Such appeal will continue to support local market strengthening long into the future," said Martha Pomares, chairman of the board for the Miami Association of Realtors.
Total home sales in Miami-Dade grew 2% in the second quarter to 6,898 from 6,768 a year earlier.
Meanwhile, total inventory levels for Miami-Dade County fell 28% year-over-year and 6.1% from the previous quarter, with 11,497 active listings in the county.
"There is obvious and strong demand for Miami properties, despite the dwindling supply," said Miami Association of Realtors Residential President Patricia Delinois. "We are seeing multiple offers for many properties, which are taking considerably less time to sell. Still many qualified buyers are being denied the dream of homeownership due to unnecessarily tight mortgage underwriting standards."