Miami-Dade Home Prices Rise in June Due to Strong Demand
Miami-Dade County median prices increased year-over-year in June 2020 as home sales continued trending upward despite the global COVID-19 situation, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
New pending home sales in June are up double digits year-over-year. Pending sales are a future indicator of closings one to two months out. New pending sales for Miami single-family homes increased 33.8% year-over-year to 1,820. New pending sales for condos increased 12.9% in June to 1,504.
“The Miami-Dade real estate market continues a robust recovery evidenced by continuing surging pending sales and increasing market activity,” MIAMI Chairman of the Board Jorge L. Guerra Jr. said. “Historically low mortgage rates, virtual tools and services, and pent-up demand have many buyers continuing their home buying process, which is generating strong demand from local and out-of-state buyers, particularly those in high tax and high-density areas.”