Total home sales in the region climbed 7.9% compared to the previous year, reaching 2,064 transactions. The luxury sector proved particularly resilient, with properties priced at $1 million and above seeing a 14.7% spike in activity. Single-family home transactions led the charge with a 10.5% increase, while the condo market recorded a 5.4% rise. According to MIAMI REALTORS + RWorld, this sustained momentum has generated a local economic impact of approximately $266 million for the month.
Market dynamics remain heavily influenced by liquidity rather than traditional financing. Cash purchases accounted for 38.7% of all closed sales in May, significantly outpacing the national average of 25%. While mortgage rates hover near 6.44%, the region's inventory is tightening; active listings dropped 11.9% year-over-year, creating a pronounced seller’s market for single-family homes. Despite these pressures, Miami remains a relatively affordable option for global buyers, with property values per square meter trailing major international hubs like New York and London.
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