Miami home prices rise for sixth straight month
ABJ - June 27 - For the sixth consecutive month, Miami home prices again posted strong gains in May. The median sales price of condominiums in Miami-Dade County increased 22 per cent to $151,000 compared to a year ago. The median sales price of single-family homes rose six per cent to $190,000.
“Miami home prices have experienced double-digit appreciation consistently over the last six months,” said Martha Pomares, Chairman of the Board of the Miami Association of Realtors. “Strong demand for Miami properties continues to fuel this dramatic market strengthening that has yielded limited supply and will result in home prices increasing further.”
In May, the average sales price for condominiums in Miami-Dade County increased 23 per cent to $310,454. The average sales prices for single-family homes rose nine per cent to $368,619.
Statewide, median sales prices in May increased by 8.9 per cent to $147,000 for single-family homes and 14.3 per cent to $112,000 for condominiums, according to data from the Florida Realtors Industry Data and Analysis Department. The national median existing-home price for all housing types was $182,600 in May of this year, a 7.9 per cent increase from year-ago figures. Statewide sales of existing single-family homes totalled 18,723 in May of this year, up 7.5 per cent compared to a year ago.