The housing market in Miami-Dade County continued growing in the fourth quarter of last year, according to a report from the Miami Association of Realtors.
The median sales price for a single-family home in the county rose to $246,140, a 4.7 percent increase compared to the same period last year. That was a slower rate than state (5.9 percent) and national (6.0 percent) growth.
Meanwhile, local condo prices jumped 8.6 percent to $190,000, beating gains in Florida (7.9 percent) and the U.S. (3.3 percent).
“We expect Miami home prices to continue to increase in 2015 but at a more moderate rate,” said Christopher Zoller, president of the realtors’ group, in a statement.
A glut of new condo projects is expected to help satisfy demand over the next few years.
Nine towers with 981 units were built in Miami’s hot coastal corridor (the area east of I-95) in 2014.
Another 66 towers with more than 9,500 units are under construction, and 73 towers with more than 10,500 units have been approved but are still waiting to break ground.
Single-family home and condo sales prices have now increased for 12 straight quarters.