Miami-Dade home sales rose year over year for the ninth consecutive month in May, as the county’s housing market continued to show strength despite elevated mortgage rates and affordability pressures.
Total home sales increased 7.9 percent from May 2025, rising from 1,913 to 2,064 transactions, according to data released by Miami Realtors. Single-family home sales climbed 10.5 percent year over year, from 943 to 1,042, while existing condominium sales rose 5.4 percent, from 970 to 1,022.
Sales in the luxury market also increased. Transactions involving homes priced at $1 million or more rose 14.7 percent in May, from 389 to 446. Single-family luxury sales increased 26.7 percent, from 232 to 294.
The report pointed to Miami’s large share of cash buyers as one factor supporting the market. Cash sales accounted for 38.7 percent of all closed sales in May, compared with about 25 percent nationally. Cash buyers made up 49.7 percent of existing condo sales and 27.8 percent of single-family transactions.
Median prices were mixed. The median single-family home price increased 0.74 percent year over year, from $675,000 to $680,000. The median condo price declined 2.35 percent, from $425,000 to $415,000, though condo prices remain up 265 percent since 2011.
Inventory declined for the fourth consecutive month. Total active listings fell 11.9 percent year over year, from 18,879 to 16,615. Single-family inventory dropped 19.1 percent, while condo inventory declined 8.9 percent.
Single-family homes had 5.2 months of supply, indicating a seller’s market. Condos had 12.9 months of supply, indicating a buyer’s market.
Miami-Dade home sales generated an estimated $266 million in local economic impact in May. Total dollar volume rose 17.7 percent to $2.3 billion.
