Although it was one of the hardest-hit areas in the wake of the housing market collapse, real estate in Miami is starting to post some significant gains.
Home prices in Miami-Dade County increased in June for the seventh consecutive month, according to a report from the Miami Association of Realtors. Specifically, the median sales price of condominiums increased 34 percent from a year earlier to $160,000, while the price of a single-family homes rose 5 percent to $194,250.
"The remarkable rise in Miami home prices over the last seven months reflects the strong demand that exists for local properties," said Miami Association of Realtors chair Martha Pomares.
Foreign buyers, real estate investors, retirees and households purchasing second properties are believed to have been a driving force behind the gains, Pomares added.
However, Miami-Dade County wasn't the only area to experience price increases in June. In fact, real estate property records indicate that values of single-family homes surged 8.2 percent on an annual basis across the entire state from a year earlier, to a median price of $151,000.