South Florida outdid itself again. The median sales price for a single-family home in Miami hit $435,000 in October, surpassing last month’s median price of $425,000, a historical high.
The total number of existing home sales rose more than 16% in October 2020 compared to October 2019 sales in both Miami-Dade County and Broward, according to the Miami Association of Realtors.
The total number of home sales was up more than 12% in September 2020 over September 2019 sales in both counties, the Realtors said. That follows a similar increase in August, which provided welcome relief after the four-month decline in previous months.
Limited supply is driving prices up as northeasterners, Californians and those from the Midwest move to Florida.
“Buyers have a shift in thinking about what home means,” said Mike Pappas in late October, the CEO and president of the Keyes Company. “We thought there was a