Some News from Miami
We wanted to share some news that we came across regarding the Miami housing market:
Miami-Dade County single-family home prices increased 4.4% year-over-year in May 2020, increasing from $360,000 to $375,714. Miami single-family home prices have risen for 102 consecutive months, a streak of 8.5 years. Existing condo prices increased 7% year-over-year, from $243,000 to $260,000. Condo prices have increased or stayed even in 104 of the last 108 months. The COVID-19 situation has accelerated the trend of homebuyers from New York and cold weather and tax-burdened Northeastern states searching and purchasing homes in South Florida. Before the COVID-19 situation, the Miami-Dade market was exceptionally strong. Miami real estate had record low delinquencies, no subprime mortgage crisis, strong demand/low supply, low interest rates, strong population growth, demand from foreign buyers and tax refugees from tax burdened states, high consumer confidence and a strong job market. "The Miami-Dade real estate market is already experiencing a remarkable recovery as evidenced by surging pending sales since mid-April despite the COVID-19 impact on May sales," MIAMI Chairman of the Board Jorge L. Guerra Jr. said. "Historically low mortgage rates, virtual tools and services, re-openings and pent-up demand have many buyers continuing their home buying process, which is generating very strong market activity."