July 19, 2013
Home sales continued to rise in Miami, according to Douglas Elliman’s quarterly market report. The number of sales rose to the highest number in 7 years, and the average sales price rose to the highest level since the third quarter of 2008.
Despite declining inventory, the number of home sales in Miami rose 15.4 percent to 6,416 in the second quarter of this year, compared to the same quarter one year ago. The median sales price rose by 19.1 percent and the average sales price jumped 13.5 percent from the prior year quarter.
All-cash purchases continued to dominate the Miami housing market. In the second quarter, 63.5 percent of sales were cash deals. This suggests that the Miami housing market may be able to withstand the mortgage rate increase better than other metro areas in the United States.
Source: Elliman Report
