The Miami real estate market has been thriving for much of the year, and it has shown continued gains in prices, according to the Miami Association of Realtors.
The median sales price for a single-family home in Miami-Dade County increased 5.06 percent in the third quarter compared to the same three month period a year ago. On a quarterly-basis the median price was up 2.2 percent. The median sales price for a condominium was up 28 percent year-over-year.
Meanwhile, sales of existing single-family homes and condos was up 0.61 percent on annual basis.
"The Miami real estate market continues to perform remarkably well despite the shortage of housing inventory that is limiting potential sales," said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. "Such performance is reflective of the strong demand being fueled by both U.S. and international buyers."
Much of that buyer interest has been spurred by mortgage rates hitting record lows. If rates continue to hover near all-time lows, the Miami-Dade County real estate market could continue to thrive.