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Nearly half of all Miami-Dade condominium purchases and more than half of Broward condo sales were all-cash transactions, according to the\u00a0Miami Association of Realtors.<\/p>\n
Carl Juste<\/p>\n
cjuste@miamiherald.com<\/p>\n
Luxury homebuyers paying cash are increasingly driving South Florida\u2019s housing market, helping push home prices higher across the board.<\/p>\n
Sales of $1 million-plus homes jumped 29% in Miami-Dade and 35% in Broward in June compared with a year earlier as affluent buyers continued relocating from higher-tax states like New York and California and a steady flow of foreign investors continued, according to data released by the Miami Association of Realtors.<\/p>\n
Cash purchases surge<\/p>\n
Amazingly, nearly 38% of all Miami-Dade home purchases and 37% of Broward transactions were completed without financing \u2014 well above the national average of roughly 25% for such purchases. Nearly half of all Miami-Dade condominium purchases and more than half of Broward condo sales were all-cash transactions.<\/p>\n
The luxury surge<\/a> helped fuel a broader rebound across the region for single-family homes and condos, according to the association, a leading online real estate marketplace that tracks housing trends.<\/p>\n Despite mortgage rates remaining in the 6.5% range, the latest figures suggest South Florida\u2019s housing market continues to outperform many parts of the country.<\/p>\n Miami-Dade recorded its strongest June in three years, while Broward extended its streak of year-over-year sales gains to four consecutive months.<\/p>\n \u201cWhile sales broadly rose across price tiers, the million-dollar segment continued to outperform,\u201d Miami Realtors Chief Economist Gay Cororaton said. \u201cIt\u2019s a clear indication of the acceleration in wealth migration to South Florida.\u201d<\/p>\n The broader market also gained momentum.<\/p>\n The numbers suggest buyers are adjusting to higher borrowing costs even as affordability challenges persist in South Florida, the Miami Realtors report added.<\/p>\n In Miami-Dade, total home sales climbed 14.3% from a year earlier, marking the county\u2019s 10th consecutive month of year-over-year sales growth.<\/p>\n Single-family home sales jumped 16.8%, while condominium sales increased nearly 12%, though they are still slumping.<\/p>\n Broward posted an even stronger performance.<\/p>\n Total home sales rose 21.1%, fueled by a 26% increase in single-family sales and a 15.5% gain in condominium purchases.<\/p>\n Median prices also continued climbing for single-family homes, the report said.<\/p>\n In Miami-Dade, the median single-family home sold for $695,000 in June, up 3.7% from a year ago. Broward\u2019s median reached $645,000, a 2.4% increase.<\/p>\n Condo market softens<\/p>\n Condominium prices slightly decreased as inventory remains elevated following new state condominium safety requirements in the wake of the Surfside condo collapse. Miami-Dade\u2019s median condo price slipped 3.2% to $431,000, while Broward\u2019s fell 1.8% to $265,000.<\/p>\n Even so, condo values remain dramatically higher than they were a decade ago. Since 2011, Miami-Dade condo prices have risen 278%, while Broward condo values have climbed 258% since 2010.<\/p>\n