Home prices in South Florida improved for the third consecutive month in February.
The median price of single-family homes in Miami-Dade County surged 19 percent to $175,000 last month on an annual basis, according to a recent report from the Miami Association of Realtors. Meanwhile, the value of homes in Broward County rose 8 percent to a median price of $180,000.
"Miami home prices have rebounded sooner and stronger than predicted, which is a very encouraging sign for the Miami real estate market," said Miami Association of Realtors chairman Martha Pomares.
Specifically, real estate data indicates that the local housing market continues to be bolstered by both local and international buyers interested in new homes and vacation houses.
As a result, the local inventory thinned 45.1 percent from a year earlier to 13,610 units on the Miami-Dade market, creating less than a five-month supply. In addition, the inventory is Broward County decreased 33 percent during the same period.
In contrast to local activity, the national housing inventory increased 4.3 percent at the end of February, as a growing number of current homeowners re-enter the marketplace in attempt to sell their homes despite a high rate of negative equity.