Home Prices in Miami-Dade Soared 25.7 Percent in July to a Year Earlier

The median price of a single-family home in Miami-Dade soared 25.7 percent in July to $230,000 from $183,000 a year earlier, the Miami Association of Realtors said. Single-family home sales in Miami-Dade jumped 27.3 percent in July to 1,227 closings from 964 a year earlier. That marked the highest sales volume since 2005, when the median price was $351,200.

What’s driving the market? Supply — there isn’t much — and demand — a lot of buyers are racing against rising mortgage interest rates. However as  Lawrence Yun, chief economist for the National Association of Realtors, warned Wednesday that the impetus from rising rates will only go so far. “The initial rise in interest rates provided strong incentive for closing deals. However, further rate increases will diminish the pool of eligible buyers,” Yun said in a statement.

The average rate on a 30-year, fixed-rate mortgage is 4.74 percent, up more than a full percentage point from 3.61 percent in early May, according to HSH.com, a Riverdale, N.J., mortgage-information firm. *Source Miami Association of Realtors.

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