Miami home sales were up across the board in May, and even set a record for the most single-family homes sold in one month, according to the Miami Association of Realtors.

May saw 1,344 single-family homes sold in the Miami area, the most of any May in history and a 10 percent jump from May of 2016, when 1,223 homes were sold, according to MAR. Beyond single-family homes, sales for condos jumped 6 percent, single-family luxury home sales jumped 24 percent, while total residential sales spiked by 8 percent.

“Pent-up demand is fueling a historic Miami home buying season,” said Coral Gables Realtor Christopher Zoller, the 2017 MIAMI chairman of the board. “Two months after posting its most March single-family home sales ever, Miami-Dade County broke another record for the most May sales. Local job growth and impending interest rate hikes are fueling purchases.”

Record-setting month

The previous record for home sales in May was in 2015, when 1,276 transactions took place. May of this year handedly beat that number.

Sales figures were boosted by a surge in mid-market and luxury transactions, according to MAR. Homes sold between $200,000 and $600,000 jumped 28 percent in May versus the same time last year. Mid-market home sales made up 72 percent of all single-family home sales.

Traditional sales, or non-distressed transactions, rose by 21 percent, which, according to MAR, shows the health and strength of the Miami market.

Prices rising

The price of homes sold in May jumped 11 percent, increasing from $293,500 in May 2016 to $325,000. Single-family home prices have now risen for 66 straight months, MAR notes.

Condo prices increased by 5 percent, from $214,750 to $225,000. Sales for condos also increased, but not at the rate that single-family homes did. There were 2,728 condos sold in May compared to 2,532 sold in May 2016.