South Floridaâ€™s home market is Hot Hot Hot and it keeps on sizzling.
More single-family homes were sold in July in Miami-Dade County than at any time since the peak of the boom in 2005.
Whatâ€™s driving the market? Supply â€” there isnâ€™t much of it â€” and demand â€” a lot of buyers are racing against other buyers and rising 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 said. 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, ground zero during the housing meltdown, has chalked up 20 consecutive months of price increases in both single-family homes and condominiums.
In July, Miami-Dade single-family home sales rose 4.9 percent from June.
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.
For Miami-Dade condos, the median price climbed 33.3 percent in July to $180,000 from $135,000 a year earlier, Miami Realtors said.
Miami-Dade condo sales rose 13.4 percent in July to 1,538 closings from 1,356 a year earlier.
In Broward, the housing market similarly continued posting dramatic gains. The median price of a single-family home jumped 27.9 percent to $275,000 in July from $215,000 a year earlier, according to the Greater Fort Lauderdale Realtors.
Sales of single-family homes in Broward rose 12.9 percent to 1,475 closings in July from 1,307 a year earlier. Single-family sales rose 8.7 percent in July from June, when 1,356 sales were closed.
The median price of a Broward condo rose 29.2 percent in July to $108,500 from $84,000 a year earlier. Broward condo sales rose 12.6 percent in July, to 1,525 closings from 1,354 a year earlier.
The inventory of single-family homes for sale fell 10.3 percent in July to 4,297, while condo listings declined 7.1 percent to 5,985.Single-family homes in Broward fetched 96.4 percent of their original listing price in July, up from 92.8 percent a year earlier; Broward condos sold at an average of 95.4 percent of the original listing price, up from 94.4 percent a year earlier, the Realtors group said.