Home buyers went on a shopping spree in Miami-Dade in May — and snapped up enough houses to set a new record, the Miami Herald reports.
Sales of single-family homes surged to a new high last month with 1,344 closings — a 9.9 percent increase in the number of homes sold over the same month in 2016 and besting the previous record of 1,276 transactions in May 2015. Mid-market homes — properties listed between $200,000-$600,000 — comprised 71.9 percent of all sales. “What is important to note is that these are not investors. Ninety percent or more of these single-family home buyers are end-users who are moving to a bigger or smaller house.” said Christopher Zoller, the 2017 chairman of the board of directors of the Miami Association of Realtors, who attributed the gains to pent-up demand and fear of rising interest rates.

Here below are the highlights for Miami-Dade. Comparisons are for year-over-year totals, unless otherwise noted.
Total sales volume for all properties sold in May was $1.17 billion, up from $1.01 billion in April
Median prices for single-family homes in Miami-Dade went up 10.7 percent — the 66th consecutive month of growth — to $325,000
Sales of single-family homes in Miami-Dade County increased 7.7 percent, from 2,532 to 2,728
The median sales price of a condo increased 4.8 percent, from $214,750 to $225,000
The number of condo sales grew 5.7 percent, from 1,309 to 1,384
Sales of luxury single-family homes ($1 million and above) jumped 23.5 percent in May 2017.