Miami luxury single-family home sales skyrocket 43.4 percent y-o-y in November
The Miami single-family homes market registered its best November in seven years as total single-family home sales jumped 13.1 percent, mid-market home sales rose 45.2 percent and luxury sales skyrocketed 43.4 percent year-over-year, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
Prices for all Miami properties and total sales volume increased as some home buyers and investors moved to finalize purchases in the wake of the Nov. 8 U.S. presidential election.
“The political uncertainty led some home buyers to pause and take a wait-and-see approach with real estate,” said Mark Sadek, a Coral Springs Realtor and the 2016 MIAMI chairman of the board. “Now that the election is over and there’s more certainty about the direction of the country, home buying should increase for a South Florida region that’s seeing sustained population and job growth.”
Mortgage rates have increased in recent weeks, and that may have encouraged some home buyers who were waiting on the sidelines to make purchases in November. Despite the increase, mortgage rates remain at historic lows, making home buying more affordable.
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage is 3.77 percent. The average rate in 1990, in comparison, was 10.13 percent.
Source: MIAMI Association of REALTORS