A tight market for mid-range homes in Miami-Dade County drove up prices in the second quarter of 2016, but the overall number of existing home sales fell.
There were nearly 7,500 existing home sales in Miami-Dade between April and June, down from roughly 8,300 during the same period last year, according to the Miami Association of Realtors. That’s a 9.7 percent year-over-year drop. Single-family home sales fell 7 percent, faring better than condos, which dropped 12 percent.
Foreign buyers have pulled back from Miami real estate as the dollar strengthens, hurting sales. A lack of foreclosure inventory is also cooling the market.
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But the middle of the market remains hot, meaning locals will continue struggling to close affordable deals. The number of single-family home sales in the $200,000-to-$600,000 price range rose 6.2 percent during the second quarter. And the number of condo sales in the $150,000-to-$300,000 range rose 6 percent.
Strong sales activity for middle-class homes means prices are continuing to rise overall. The median price for a single-family home in Miami-Dade hit $295,000 in the second quarter, an 8.6 percent year-over-year jump. The median price for a condo rose to $215,000, a 5.5 percent increase.