Miami Home Prices Increase for Seventh Straight Month
According to a report released earlier today by the Miami Association of Realtors, home prices in Miami posted solid gains last month. The increase marked seven straight months of appreciation for the Miami real estate market. In June, the median sales price of single-family homes in Miami-Dade County increased five percent to $194,250, year-over-year. The condominium market in Miami fared even better. The median sales price last month increased a staggering 34 percent to $160,000 compared to a year earlier.
The report also revealed that all-cash transactions last month represented 65 percent of total closed sales in Miami-Dade County. Cash sales in June accounted for 77 percent of condominium and 46 percent of single-family home closings. Meanwhile, the national average for all-cash transactions moved slightly higher to 29 percent in June. The astounding difference is attributed to the strong presence of international buyers in Miami.