The latest home and condo sales data from Florida Realtors shows resilience throughout the state’s housing market as well as in the Miami metro area. Statewide, home prices continued to grow at an annual rate of 6.3 percent in July, but closed sales and new listings also showed significant increases. In Miami, single-family home sales posted a decline of less than 1 percent from year-ago levels, but condo sales were up 8.2 percent and condo prices were 6.6 percent above July 2017.
“In a positive sign for Florida’s housing market and potential buyers, we saw a modest increase in new listings in July,” Florida Realtors President Christine Hansen said in a news release. The number of single-family listings was up 3.1 percent in July, while condo listings grew by 2 percent across Florida. For the third consecutive month, the inventory of listings available showed no change at 3.9 months.
“We are continuing to see signs that the low-inventory situation impacting the single-family home market has finally stopped getting worse, though it remains constrained,” said Dr. Brad O’Connor, Florida Realtors chief economist, in a statement.
Florida and Miami’s market performance stands in contrast to national home sales figures. In July, existing home sales posted their fifth year-over-year decrease in a row, while price growth showed signs of cooling.