The Florida housing marking has struggled to find its footing following the real estate bubble burst, but there are key areas in the state that have experienced notable gains so far this year.
In August, home prices in Miami rose 28.4 percent from a year earlier, marking nine consecutive months of increases, according to a report from the Miami Association of Realtors. Although this is a positive development, local real estate experts noted it was the result of a thinning property inventory.
"Despite the shortage of housing inventory, Miami home sales remain strong and continue to drive significant price appreciation," said Miami Association of Realtors chairperson Martha Pomares.
The sales rate of Miami properties, including single-family homes, townhouses, condominiums and co-ops spiked 7 percent on an annual basis, the report said. Public property data indicates a major portion of this improvement was caused by 1,482 condo and 1,059 single-family home sales, which were both notable increases from the previous month.
Foreign buyers taking advantage of a favorable exchange rate and investors capitalizing on an elevated presence of distressed properties were key parties driving activity in August.