A new report by the Miami Association of Realtors shows home prices have risen for more than five consecutive years. The report shows home prices jumped 9.5 percent while sales dipped 0.6 percent in the past year.
Spokesperson Christopher Zoller says low supply and high demand have fueled the price growth. He says despite rising mortgage rates, they remain at historic lows with an average of 4.2 percent.
Zoller says it's a buyers market for those looking in the median price range. According to the report, Miami single-family homes listed from $300,000 to $600,00 increased 26.6 percent. Those homes represent more than 38 percent of all Miami home sales.
Statewide, home sales went 0.8 percent from the previous year and prices increased 9.2 percent.
(Photo credit: Joe Readle)