Single Family Home Sales Set Records, Condos Also Near New High

More single family homes sold in Miami last month than ever before in history, and condo sales are also at or near a record.

Last month, 1,390 single-family homes were sold in the Miami market, beating the previous record of 1,317 in June 2005. For the first six months of 2015, sales volume has increased 8.5 percent, and is on pace to set a new record for the year.

The condo market is also at or near a record by number of sales. Transaction in June increased by 4.5 percent, a number which excludes sales at the numerous new condo projects where closings are now underway. If new condo closings are factored in, 2015 could also be a record year for the market.

Prices have been increasing along with the uptick in volume. The median sale price for single-family homes last month rose 14.9 percent over June 2014, while condos were up 7.9 percent. Condo prices have risen for 48 out of the last 49 months.

All statistics were provided by the Miami Association of Realtors.