MIAMI — 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, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
Miami-Dade County set an all-time August record with 1,239 single-family home sales, eclipsing the previous August record of 1,232 set in 1994. Last month’s sales total is an 8.7 percent increase from the 1,140 single-family homes sold a year ago. Total single-family dollar sales volume soared 16 percent to $569 million as median prices jumped 14.5 percent to $300,000. 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, a Coral Springs Realtor and 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 increased non-distressed or 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. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.44 percent in August.
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