Sales volume in South Florida today is matching the 2005 housing boom, although the median prices are far lower. More single-family homes were sold in July in Miami-Dade County than at any time since the peak of the housing boom. Supply and demand is what is driving the market. Supply is lacking and demand is high as homebuyers are trying to capitalize on the low mortgage interest rates.
The median price of a single-family home in Miami-Dade soared 25.7 percent in July to $230,000 from $183,000 a year earlier, the Miami Association of Realtors recently reported. Single-family home sales in Miami-Dade jumped 27.3 percent in July to 1,227 closings from 964 a year earlier. That marked the highest sales volume since 2005, when the median price was $351,200.
Miami-Dade has seen 20 consecutive months of price increases in both single-family homes and condominiums. Experts attribute the increase to a heightened demand and the low mortgage interest rates being offered. However, interest rates are steadily rising as the housing market is gaining momentum and posting dramatic gains. The average rate on a 30-year, fixed-rate mortgage is 4.74 percent, up more than a full percentage point from 3.61 percent in early May, according to HSH.com.
Click here to read more on South Florida home prices rising double digits in July.
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