South Florida Housing Prices Up By Double Digits In June

South Florida existing homes sales continue to sizzle in the face of rising mortgage rates and a dearth of inventory.

The median price of a single-family home in Miami-Dade jumped 21.1 percent to $230,000 in June from $190,000 a year earlier, as buyers duked it out over a tight inventory of homes for sale, the Miami Association of Realtors said.

The number of single-family homes sold in Miami-Dade increased 25.1 percent to 1,170 in June from 935 a year earlier but slipped 3.8 percent below May’s volume amid the shortage of listings.

The median price of a Miami-Dade condo rose 15.9 percent to $185,500 in June from $160,000 a year earlier. Condo sales rose 5.5 percent in June to 1,499 from 1,421 but down 10.3 percent from May, Miami Realtors said.

Source: MiamiHerald