Single-family home sales are surging in South Florida to heights unseen since the last boom and bust cycle that ended in collapse five years ago.
In Miami-Dade County, sales of single-family homes soared 27.3 percent in July to 1,227 sales compared to 964 sales in July of last year. Condo sales rose 13.4 percent, up from 1,356 in July 2012 to 1,538 last month.
“The Miami real estate market continues to thrive as demand for housing intensifies and increasing inventory remains insufficient,” Miami Association of Realtors board chairman Natascha Tello said in a release.
In Broward County, there were 1,475 home sales, a 13 percent increase from July 2012, while Palm Beach County saw a 21 percent gain in sales activity in July, from 1,233 to 1,486 sales.
Across Florida, home sales totaled 21,238 last month, up 21 percent from a year ago, according to the Orlando-based Florida Realtors association. — Emily Schmall