Miami scored its second-best month for single-family home sales in July.
With 1,354 transactions last month, single-home sales in Miami-Dade County surged 10.2% year-over-year, according to a new report by the Miami Association of Realtors and the Multiple Listing Service system. June saw a record of 1,380 transactions.
“South Florida’s improving job market and historic low mortgage rates are encouraging more end-users to buy property here,” said Christopher Zoller, 2015 residential president of the Miami association.
Home prices also continued to grow in July, with a median sales price of $278,000. That represents an 8.6% growth from July 2014. Still, values remain at 2004 levels despite four years of annual increases, the report said. In comparison, the U.S. national median existing-home price for all housing types in July was $234,000, 5.6% up from the same month last year.
Read the full report here.
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