Miami-Dade Home Sales Rise for Ninth Consecutive Month

MIAMI, June 16, 2026 /PRNewswire/ -- Miami-Dade total home sales rose year over year for the ninth consecutive month as South Florida's heavy-cash, high-demand market continues to lead the nation, according to May 2026 statistics released by MIAMI REALTORS^® + RWorld, the MIAMI MLS and BeachesMLS.

Total home sales increased 7.9% year-over-year. Single-family home transactions rose 10.5%, while condo sales increased 5.4%. Sales of Miami properties priced at $1 million and above climbed 14.7% from a year earlier. At the more accessible end of the market, condo sales in the $200,000 to $300,000 price range surged 23% year-over-year.

"The story of Miami real estate has always been long-term growth and resilience," MIAMI REALTORS^® + RWorld Chairman of the Board Alfredo Pujol said. "Miami and South Florida continue to be one of the nation's top-performing housing markets, delivering homeowner equity gains that are nearly twice the national average."

South Florida real estate rankings:

• #1 Ultra-Luxury Market in the U.S.: South Florida averages one $10M home sale per day. In 2025, South Florida posted the most $20M & up condo sales in its history; the second-most $10M & up total home sales in history; and more.
• #1 Market in the U.S. for Cash Buyers: 82% of Miami $1M & up condo sales were all-cash in 2025. The Miami MSA leads the nation in all-cash sales, which means many buyers are operating on liquidity, not debt.
• #1 in the U.S. for Most Multifamily Construction: Southeast Florida has the most intense multifamily construction activity in the nation as of 2025 Q4, with 36,290 units, adding 9% to the current stock via MIAMI REALTORS^® Research.
• #1 in Home Equity: Miami-Dade home equity gains are nearly 2X the national figure. As of 2025 Q4, Miami-Dade County homebuyers who purchased a single-family home 15 years ago have a median equity of $560,790 compared to $300,504 nationally via MIAMI REALTORS^® Research.

Miami Total Sales Rise for Ninth Consecutive Month
Total Miami-Dade sales increased 7.9% year-over-year in May 2026, from 1,913 to 2,064.

Total $1M and up home sales increased 14.7% in May 2026, from 389 to 446. Miami-Dade single-family $1M and up home sales increased 26.7% year-over-year in May 2026, from 232 to 294.

The sales total doesn't include South Florida's new construction, pre-construction and condo conversion sales because they are largely not reported in the MLS. But MIAMI led the charge to publish two new construction reports.

International buyers purchased 49% of new South Florida construction, pre-construction and condo conversion sales over an 18-month period ending in July 2025, according to MIAMI REALTORS^® first-ever New Construction Global Sales Report in collaboration with industry leaders.

Our second New Construction Global Sales Report, published in November 2025, showed an increase in global sales and buyers from 73 countries, according to the MIAMI REALTORS^® November 2025 Global Sales Report in collaboration with industry leaders.

Miami-Dade Single-Family Home Sales Increase for the Ninth Consecutive Month
Miami single-family home sales increased 10.50% year-over-year in May 2026, from 943 to 1,042.

Miami existing condo sales increased 5.4% year-over-year in May 2026, from 970 to 1,022. Miami condo sales have risen year-over-year in seven of the last nine months.

The lack of Federal Housing Administration loans for many existing Miami condominium buildings is preventing further market strengthening. Of the 2,397 condominium buildings in Miami-Dade, Broward and Palm Beach counties, only 21 are approved for FHA loans, according to statistics from the U.S. Department of Housing and Urban Development.

Just 0.9% of South Florida condo buildings are approved for FHA loans.

Fannie Mae and Freddie Mac are eliminating the limited review option for many condo loans beginning Aug. 3, 2026. For decades, Florida condominium borrowers and owners faced stricter lending standards and higher financing hurdles than those in many other states. The updated guidelines are expected to create a more transparent and financially secure lending environment. 

Miami-Dade Condominium Sale Prices Have Appreciated 265% Since 2011
Miami condo prices have increased 265% since 2011, from $113,800 to $415,000. Miami condos are a long-time national leader in price appreciation. Prices decreased 2.35% year-over-year in May 2026, from $425,000 to $415,000. Condo inventory is declining year-over-year, which will put upward pressure on prices.

Miami condo median prices have stayed even or increased in 165 of the last 180 months, a span that covers 14.8 years.

Miami-Dade County single-family home median sale prices increased 0.74% year-over-year in May 2026, from $675,000 to $680,000. Miami single-family median prices have risen in 171 of the last 174 months (14+ years).

Miami single-family prices have risen 293.7% since 2011, from $172,700 to $680,000.

MIAMI REALTORS^® + RWorld continues to support cross-sector stakeholder solutions – like removing obstacles to permitting and zoning, funding the Florida Hometown Heroes Program, and creating pathways for accessory dwelling units (ADUs) – to facilitate both the creation and preservation of safe and affordable housing.

Miami's surging multifamily market and the Florida Live Local Act should boost affordability in the future. Southeast Florida ranks No. 1 in the U.S. for most multifamily construction, according to MIAMI REALTORS^® Research. This is important because it adds more overall housing/apartment supply to a city, creates more affordability and adds to Miami's economic growth.

Florida's Live Local Act, which was passed in 2023 and amended in May 2024, is encouraging developers to build more affordable housing. The Live Local Act gives developers the highest density allowed in a local area if they allocate 40% of its units for affordable housing. The state law defines an affordable unit as being at or below 120% of an area's median income.

Miami remains a bargain in comparison to other global cities. For $1M, homebuyers can purchase 58 square meters of prime property in Miami, according to the 2026 Knight Frank Wealth Report. That is almost four times more than Monaco (16 square meters), nearly two times more than New York (34) and London (33) and more than Paris (37), Tokyo (37) and more.

Elevated Mortgage Rates
Mortgage rates are trending up because of inflation, the Iran war and current geopolitical events. According to Freddie Mac, the 30-year fixed-rate mortgage was 6.44% in May 2026.

"South Florida's housing market has remained remarkably robust despite rising mortgage rates that could hit 6.7% by year-end per MIAMI REALTORS^® + RWorld latest outlook update," MIAMI REALTORS^® + RWorld Chief Economist Gay Cororaton said. "This year is shaping up to be the strongest yet since 2021 due to the phenomenal surge in million-dollar sales that have surged nearly 20% from one year ago."

Total Miami Inventory Declines for Fourth Consecutive Month; Single-Family in Seller's Market
Total active listings at the end of May 2026 decreased 11.9% year-over-year, from 18,879 to 16,615. Decreasing supply means more buyer competition and upward price pressure.

Inventory of single-family homes decreased 19.13% year-over-year in May 2026 from 5,687 active listings last year to 4,599 last month.

Condo inventory declined for the fourth consecutive month, the first four decreases since July 2023. Condominium inventory decreased 8.91% year-over-year in May 2026, from 13,192 to 12,016 listings during the same period in 2025, but the total is still significantly below pre-pandemic.

Months' supply of inventory for single-family homes is 5.2 months, which indicates a seller's market. Inventory for existing condominiums is 12.9 months, which indicates a buyer's market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Nationally, total housing inventory is 1.55 million units, according to NAR. That is up 0.6% from May 2025. There is 4.5-month supply of unsold inventory, down slightly from 4.6 months from one year ago.

Miami Real Estate: $266 Million in Local Economic Impact
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).

The total economic impact of a typical Florida home sale is $129,000, according to NAR. Miami-Dade sold 2,064 homes in May 2026 for a local economic impact of $266 million.

Miami-Dade total dollar volume increased 17.7% year-over-year in May 2026 to $2.3 billion.

Single-family home dollar volume increased 34.9% year-over-year to $1.4 billion. Condo dollar volume decreased 4.2% year-over-year to $818 million.

Miami Distressed Sales Remain at Historic Lows, Reflecting Healthy Market
Only 0.2% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales. In 2009, distressed sales comprised 70% of Miami sales.

Short sales and REOs accounted for 0.09% and 0.09%, respectively, of total Miami sales in May 2026.

State & National Sales
In Florida, closed sales of single-family homes statewide totaled 24,915 in May 2026, up 0.6% year-over-year, while existing condo-townhouse sales totaled 8,897, up 6.6%.

The statewide median sales price for single-family existing homes was $425,000, up 2.4% year-over-year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month's statewide median price for condo-townhouse units was $306,990, down 1% vs. last year. The median is the midpoint; half the homes sold for more, half for less.

Nationally, total existing home sales increased 3.2% year-over-year to a seasonally adjusted annual rate of 4.17 million, according to NAR. Median existing home prices increased to $429,300, up 1.3% from one year ago ($423,700) – the 35th consecutive month of year-over-year price increases.

Miami Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 95% in May 2026. The median percent of original list price received for existing condominiums was 94%.

The median number of days between listing and contract dates for Miami single-family home sales was 41 days, up from 40 days last year. The median time to sale for single-family homes was 80 days, up from 78 days last year.

The median number of days between the listing date and contract date for condos was 64 days, up from 63 days. The median number of days to sale for condos was 106 days, up from 104 days.

Miami Cash Sales More than National Figure
Cash sales represented 38.7% of Miami closed sales in May 2026, compared to 37% in April 2025. About 25% of U.S. home sales are made in cash, according to the latest NAR statistics.

Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects Miami's top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.

Cash sales accounted for 49.7% of all Miami existing condo sales and 27.8% of single-family transactions.

To access May 2026 Miami-Dade Statistical Reports, visit http://www.SFMarketIntel.com

Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.

About MIAMI REALTORS^® + RWorld
MIAMI REALTORS^® + RWorld was chartered by the NATIONAL ASSOCIATION OF REALTORS^® in 1920, and is celebrating 106 years of service to REALTOR^® members, the buying and selling public, and the communities in South Florida. Composed of eight boards: MIAMI RESIDENTIAL, COMMERCIAL; BROWARD; JTHS; PALM BEACH; TREASURE COAST; YOUNG PROFESSIONALS NETWORK (YPN); and the Corporate Board of Directors. MIAMI REALTORS^® + RWorld represent approximately 93,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local REALTOR^® association in the world and has official partnerships with 307 international organizations worldwide. MIAMI REALTORS^® + RWorld, along with their respective Multiple Listing Services, MIAMI MLS and BeachesMLS, merged on May 11, 2026 in the largest merger in NAR history. The organization's proposed new name will be Miami and South Florida REALTORS^®, pending approval by NAR. MIAMI's official website is www.MiamiRealtors.com RWorld's official website is www.RWorld.com

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SOURCE MIAMI Association of REALTORS®