Miami’s real estate market posted stellar numbers in November, particularly among middle-tier and luxury homes, a new report from the Miami Association of Realtors and local MLS showed.

Single-family home sales jumped 13.1 percent year-over-year last month – a massive rebound from October’s 12.9 percent decrease – with notable increases in the city’s middle-tier (45.2 percent) and luxury (43.4 percent) markets.

MIAMI Chairman Mark Sadek explained the yo-yoing as a result of election proximity.

“The political uncertainty led some homebuyers to pause and take a wait-and-see approach with real estate,” Sadek said. “Now that the election is over and there’s more certainty about the direction of the country, home buying should increase for a South Florida region that’s seeing sustained population and job growth.”

A different perspective

While some side with Sadek on his reasoning, others, like Keller Williams CEO Chris Heller, believe the wave of buyers flooding real estate markets – not just in South Florida but throughout the country – is more a reaction to mortgages rates than certainty in the country’s direction.

“In anticipation of the Fed’s actions … and due to the recent increase of mortgage rates, we’re seeing a lot of buyers in the market right now,” Heller said.

Since the election, mortgage rates have risen from 3.73 to 4.15 percent, effectively putting homeownership out of reach for many prospective buyers. As we recently reported, an increase in the mortgage rate from 4 to 4.25 percent would push 965,000 households out of buying range for a median-priced home.

Strong numbers regardless

But reasoning aside, November remains a solid month,numbers wise, for Miami.

Single-family median home price increased 13.1 percent from the same time last year to $310,000. And while condo sales continued their more than year-long plummet, falling 11.4 percent, median condo price rose 7 percent to $217,250.

Inventory levels across both property types also increased, with single-family home supply increasing 7.7 percent and condo supply taking an 18.6 percent leap. The latter increase is more a problem than a boon, however, as it puts the area’s condo inventory at an unhealthy 13-month supply.