Median sales price of Miami homes hits new record in July

Home prices in Miami-Dade County reached a new high for the fourth consecutive month in July, with the median price of single-family homes hitting $631,670 and condominium prices reaching a new high of $420,000, driven by strong demand from wealthy buyers and limited supply, despite a double-digit decline in sales.

miamiherald.com

Relevant topic timeline:

8/22/2023

US home prices rose in July after 5 months of declines

US home prices are rising again after five months of declines, reaching a record high for the month of July, due to low inventory and homeowners refusing to sell amidst high mortgage rates.

8/25/2023

Home price growth reaches highest level since last year: Redfin

The average U.S. home price has increased by 2.6% to $382,000 due to a lack of inventory, which has dropped more than demand, and significant declines in home prices have been seen in areas such as Austin, Detroit, and Phoenix, according to an analysis by Redfin.

8/27/2023

Cost of living in 10 of Florida's major cities, ranked cheapest to most expensive

Miami-Dade County in Florida is the most expensive urban area in the state, according to The Council for Community and Economic Research's Cost of Living Index.

8/29/2023

Home prices rose for fifth straight month in June

Home prices in the U.S. rose for the fifth consecutive month in June, despite high mortgage rates, with national prices increasing by 0.9% and only down 0.02% from their peak in June 2022, according to the S&P CoreLogic Case-Shiller index. However, there were significant regional differences, with cities on the West Coast experiencing some of the biggest declines. The housing market continues to face challenges due to low inventory and slow new construction.

9/1/2023

Home prices may be on the verge of cooling off

Home prices in the US hit another all-time high in July, but month-to-month gains weakened and suggest a potential slowdown, likely due to rising mortgage rates and increased listings.

9/14/2023

Miami Inflation Soars to 7.8%, Far Outpacing National Rate as Housing and Energy Costs Surge

Miami and South Florida have experienced the highest increase in consumer prices among large U.S. urban areas, driven largely by the housing market, with home rents increasing by 15.3% and the cost of buying a home rising by 14.3%.

9/15/2023

Massachusetts home prices have skyrocketed since 2010, but buyers now seek affordability amid rising rates and data fixes

The median sales price for single-family homes in the state has increased by 271% since 2010, according to The Warren Group.

9/18/2023

California Home Prices Hit 15-Month High in August Amid Low Inventory and High Mortgage Rates

Home prices in California reached a 15-month high in August 2023, attributed to rising mortgage rates and a shortage of homes on the market, but the market is expected to improve in the last quarter of the year as interest rates ease, according to the California Association of Realtors.

9/20/2023

Housing Market Sees Record High Prices and Payments Alongside Regional Slowdowns

U.S. home price growth increased to 2.5% year-over-year in July, with Miami, St. Louis, and Detroit driving the growth, while 11 states saw annual home price declines, according to CoreLogic's latest home price index data. Rising mortgage rates and a lack of inventory are putting pressure on potential homebuyers, and pending home sales have seen slight upticks, particularly in the West and South regions.