Miami Home Sales Enjoy 22 Year Record Setting Month in August 2016

According to the MIAMI Association of Realtors, the Miami single-family home market enjoyed its best August in history, breaking a 22-year record for the most ever August single-family home sales as dollar transaction volume and median prices posted double-digit gains.

Miami-Dade County set an all-time August record with 1,239 single-family home sales, which is 8.7 percent increase from a year ago. Home prices have risen for 57 consecutive months, a streak spanning nearly five years.

"With a lack of local buildable land, purchasing a Miami single-family home is one of the wisest investments you can make," said Mark Sadek, the 2016 MIAMI chairman of the board. "Home buyers are increasingly focusing on mid-market priced Miami homes. A significant growth in mid-market sales coupled with traditional home purchases catapulted Miami real estate to a historic month."

Historic low mortgage rates and Miami's growing population also fueled the sales activity. The average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.44 percent in August.

Nearly Usd1 Billion in Total Existing Residential Sales in August

Inventory shortage for properties priced below Usd300,000 continues to impact sales. Inventory has dropped 30.6 percent year-over-year for single-family homes priced below Usd300,000.

Miami Median Prices Rise for All Properties

Median sale prices for single-family homes jumped 14.5 percent, increasing from $262,000 to $300,000.

Despite the increased prices, Miami properties remain at 2004 pricing levels and at a major bargain compared to other global cities. A 120-square meter condo in Miami-Fort Lauderdale-Miami Beach cost $149,900 on average, according to the National Association of Realtors.

Mid-Market Sales Powered Miami Single-Family Homes to Record Month
Sales for Miami single-family homes priced between $200,000 and $600,000 jumped 33.6 percent year-over-year in August.

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