Miami-Dade single-family home prices kept climbing in August 2026 even as sales slowed slightly, while the condo market stayed a buyer's market with inventory still stretched past 12 months of supply. Here is what the Miami real estate market did last month, straight from the MIAMI Realtors August 2026 report.
Two Markets, Two Different Clocks
Months of supply is the clearest way to see the split between Miami's two housing segments right now. Single-family inventory sits at 4.9 months, solidly in seller's-market territory. Condo inventory sits at 12.1 months, well into buyer's-market territory, and that gap has been widening for over a year.
Higher HOA costs, ongoing milestone inspection and reserve requirements, and a wave of post-reform condo listings continue to weigh on condo absorption, even as cash buyers make up half of all condo closings.
Key Takeaway
Single-family home prices rose 3.8% year over year to a median of $680,000 on tighter inventory, while condo prices held nearly flat at $408,000 with inventory still sitting above 12 months of supply, a gap that continues to define the Miami market's two-speed recovery.
Single-Family Homes: Prices Up, Inventory Down
Miami-Dade single-family home sales closed August 2026 at 858 transactions, down 3.1% from August 2025. The median sale price rose 3.8% year over year to $680,000, and homes sold faster, with median time to sale down 12.1% to 80 days.
Active inventory fell 19.2% year over year to 4,330 homes, pushing months supply of inventory down to 4.9, a level that still favors sellers. Cash buyers made up 24.2% of closings, up 6.2% from a year earlier.
Condos and Townhomes: A Buyer's Market Persists
Miami-Dade condo and townhome sales held nearly steady at 911 closings, up 0.9% year over year. The median sale price was essentially flat at $408,000, down 0.5% from August 2025.
Inventory remains the story in the condo segment: active listings sat at 11,495, down 9.0% year over year but still translating to 12.1 months of supply, more than double the single-family figure. That level of supply keeps condo sellers in a buyer's market, with median time to sale up slightly to 108 days.
Jobs, Rates, and the Economic Backdrop
Miami-Dade's labor market stayed tight into midsummer: unemployment was 2.5% in July 2026, the most recent county-level figure available from the Bureau of Labor Statistics, down 0.4 points from 2.9% a year earlier. August county data had not yet been released as of this report.
Nationally, employers added 162,000 jobs in August 2026, more than triple the forecast, while the unemployment rate held at 4.1% and average hourly earnings rose 3.1% year over year to $37.75, a labor market strong enough to keep housing demand intact even as local prices climb.
Borrowing costs moved the other direction. The 30-year fixed mortgage rate averaged 6.67% across August 2026, then rose to 6.76% by September 10 as markets priced in a Federal Reserve rate hike. On September 16, 2026, the Fed raised the federal funds rate 25 basis points to a range of 3.75% to 4.00%, its first increase since July 2023, citing persistently elevated inflation. Fed officials' projections point to the possibility of one more hike before year end. See our full breakdown in Mortgage Rates Hit a 13-Month High for what rising rates mean for Miami buyer affordability.
For Miami buyers, that combination, a resilient job market paired with rising financing costs, is likely to keep pressure on affordability even as single-family inventory stays tight.
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Anthony Johnson is a Miami Real Estate Agent, licensed for over 10 years and specializing in Downtown Miami and South Beach condos. He is the founder of Allioo, a platform enhancing the experience for Miami condo sellers and landlords, and of Allioo Studio, which builds real estate tools and website templates for real estate agents.
