Miami-Dade single-family pending sales and total South Florida showing appointments rose year-over-year, according to June 2023 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Miami-Dade single-family pending sales rose for the first time since November 2021, increasing from 1,057 to 1,064 transactions. While a nominal change, it’s noteworthy as it is the first-time pending sales are positive year-over-year in 19 months and pending sales are an indicator of future sales. South Florida showing appointments, meanwhile, increased 7% year-over-year, from 218,973 to 233,675. It is the second consecutive month showing appointments have risen.
“Buyers are adjusting to the new norm of 6-7% interest rates, but Miami-Dade’s supply remains historically low, constraining sales in this high-demand market,” MIAMI Chairman Ines Hegedus Garcia said. “We are keeping a close track of new listings to capitalize on the immense potential of Miami’s thriving market, where a surge in supply would naturally result in increased sales.”