M
iami's residential sales declined 8.1% year-over-year in August, with a total of 2,002 transactions. However, single-family home sales saw a slight increase of 1.7%, rising from 948 to 964 transactions. This marks the eighth consecutive month of gains for single-family sales in Miami-Dade County.

    Condo sales, on the other hand, fell by 15.6% year-over-year, with 1,038 transactions in August compared to 1,230 in the same period last year. The median sale price for single-family homes increased 3.2%, reaching $640,000, marking a record-breaking 153 consecutive months of growth.

    Condo prices remained stable, showing a slight decrease of 0.2% or $1,000 from $416,000 to $415,000. Total housing inventory in Miami is still down 42.2% from the historical average, but active listings rose by 50.8% year-over-year, increasing from 9,467 to 14,277.

    Single-family home inventory climbed 36.6%, while condo inventory surged 57.6%. However, both remain below pre-pandemic levels. Miami's months of inventory supply for single-family homes stands at 4.7 months, indicating a seller's market, as does the 9.5-month supply for condos.

    Distressed sales made up just 0.9% of Miami's residential sales in August, down from 1.2% in August 2023. Cash transactions accounted for 32.9% of closed sales, with cash sales representing 43% of condo transactions and 22% of single-family home sales.