July proved to be another super strong month for real-estate across the country, including right here in South Florida.
According to the latest from the National Association of Realtors, existing home highlights included:
- Median home prices at a new record high: $258,300
- Prices rose 6.2 percent year over year
- The real-estate recovery reached its 65th consecutive momth
- Average time on market: 30 days
- 51 percent of homes sold within a month of being listed
Here's how prices performed in South Florida:
- Broward: + 9 percent to $350,000
- Miami-Dade: + 12 percent to $335,000
- Palm Beach: +6 percent to $336,000
Historically, average real-estate returns are about 4 percent year-over-year, so you can see that nationally and especially in parts of South Florida.