In June, the active inventory of homes available for sale in Miami increased by 33.9% from the previous month, reaching 20,503 properties. In contrast, the number of transactions declined by 7.3%, totaling 8,193, as reported in the latest RE/MAX National Housing Report.

The median sales price for homes in Miami grew by 0.7% month over month and 20% year over year, now standing at $453,000. Meanwhile, the national median sales price saw a month-over-month increase of 0.6% and a year-over-year rise of 11%, reaching $428,000.

Nationally, home sales increased by 4.7% compared to the previous month, although they fell by 17.6% year over year due to the impact of rising interest rates and home prices on buyers’ purchasing power.

The average close-to-list-price ratio across the 53 metropolitan areas analyzed was 102%, a decrease from 103% in May and consistent with June 2021 figures. This ratio indicates the average sales price compared to the list price, with any value above 100% signifying that homes sold for more than their asking price.

The average time homes spent on the market was 25 days, up from 23 days in May. The months of inventory available increased to 1.4, compared to 0.9 in May and 1 in June 2021.