South Florida real estate activity is now stronger than it was before the impact of the pandemic. For the first time since the pandemic swept the region, year-over-year home sales surpassed 2019 closings. Reported Miami Herald.
Total home sales increased over 6% from August 2019 to August 2020 in Miami-Dade and Broward, according to the Miami Association of Realtors August reports. The prior sales reports — April, May, June, and July — all suffered a year-over-year decrease in total sales. The report measures sales of existing homes.
Sales of single-family homes in both counties skyrocketed while condo sales slipped as buyers continue to seek greater space and lower density. With tight inventory, the median price for a single-family home jumped over the $400,000 mark in both counties.