DORAL, FL – Miami-Dade’s home prices are on the high once again, according to the latest home sales report released Tuesday by the Miami Association of Realtors.
July marked the fourth month; prices increase in the county with a median sales price of $631,670 for single-family homes compared to the June peak of $622,500, $570,000 a year ago and $600,000 back in April when home prices started to soar.
In addition, condominium prices also increased by $2,000 going from $418,000 in June to $420 this past month. July last year, the price tag was of $380,000.
In contrast, home sales continue to decline since January. In July, there were 2,051 home closings in Miami-Dade, while a year ago there were 2,375 for a nearly 14% decline.
According to experts, Miami-Dade’s home prices are showing such behavior because there is a strong demand from wealthy buyers while the supply of houses and condos remains limited, which apparently will continue to be the trend at least through the second half of 2023.
Regarding this point, housing inventory last month was limited with 3.2 months of houses and 5.1 months of condos available, which according to housing analysts is detrimental for buyers.
Meanwhile, the scenario in Broward isn’t better. In the county there were 2.8 months of houses and 3.5 months of condos. Sales, on the other hand, experienced a 13% decline last month, with 2,238 closings compared to 2,575 closings a year ago.
In Broward County, single-family home prices held at $600,000 last month, while the median price of condos went to $280,000, up from $265,000 a year ago.
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