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Miami single-family home inventory increased in March

by Joe Ward

Despite a nationwide inventory crisis that is hampering the housing market, Miami has actually seen increases in single-family homes for sale, according to the Miami Association of Realtors.

Inventory of single-family homes increased 2.5 percent in March of this year compared to the same time last year. Condo inventory increased by 4 percent during the same time period, although there are plenty of available condos in Miami. (There were 6,517 listed homes in March compared with 16,043 available condos.)

The single-family inventory increase is a positive for a market that has lacked available homes for buyers, but there is still some bad news on the inventory front.

That’s because the increase in inventory comes from homes priced $400,000 and up. For homes under that price, inventory fell, indicating that the need for affordable single-family homes in Miami is great.

Mid-tier homes posted the most significant inventory increase, as homes priced $400,00-$599,999 jumped 17.6 percent year-over-year, according to the Miami Association of Realtors. Homes priced $600,000 to $999,999 increased 3.3 percent and homes selling for over $1 million increased by 1.1 percent.

Miami has increased its single-family home inventory to 6.9 months, up from 6.2 in March 2017. Condo supply is at nearly 15 months.

Nationally, total housing inventory reached 5.7 percent in March, but that’s still 7.2 percent lower than a year ago. Inventory on a nationwide scale has decreased year-over-year for 34 consecutive months, the trade group said.

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