Miami-Dade home sales rose year over year for the 11th straight month in July 2026, even as mortgage rates climbed to their highest point of the year and the national housing market cooled for a second consecutive month. Total sales reached 1,935 transactions, up 8.6% from July 2025, according to MIAMI REALTORS + RWorld, July 2026 statistics. Single-family sales rose 5.6% to 909 closings, while condo sales climbed a stronger 11.4% to 1,026 closings.
Overview
Miami keeps growing while the rest of the country slows down. Nationally, existing-home sales fell 1.7% month over month in July as the 30-year mortgage rate pushed to 6.67%, the highest level of 2026. Miami-Dade did the opposite: its 11th consecutive month of year-over-year sales growth now has the market on pace for its best annual total since 2024. Single-family homes remain a seller's market at 4.8 months of supply. Condos remain a buyer's market at 12 months of supply, and that gap is the story to watch for the rest of 2026.
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 4.8 months, solidly in seller's-market territory. Condo inventory sits at 12 months, well into buyer's-market territory, and that gap has been widening for over a year.
A balanced market is generally 6 to 9 months of supply.
The condo side of the market carries its own headwind beyond simple supply. Fannie Mae and Freddie Mac eliminated the Limited Review lending option for many condo buildings on August 3, 2026. Of the 2,397 condo buildings across Miami-Dade, Broward, and Palm Beach counties, only 21 currently qualify for FHA financing, just 0.9% of the total. That financing gap is a direct reason condo inventory keeps outpacing single-family inventory even as sales volume grows.
July 2026 at a Glance
| Metric | Single family | Condo |
|---|---|---|
| Closed sales | 909(+5.6%) | 1,026(+11.4%) |
| Median sale price | $685,000(+3.79%) | $400,000(-1.48%) |
| Dollar volume | $1.3 billion(+16.53%) | $707 million(-8.45%) |
| Active inventory | 4,275(-22.82%) | 11,324(-11.79%) |
| Months of supply | 4.8 months | 12 months |
| Time to go under contract | 45 days | 86 days |
| Time to close | 88 days | 125 days |
| Share of cash buyers | 21.2% | 47.5% |
| List price received | 96% | 93% |
Source: MIAMI REALTORS + RWorld, July 2026 statistics release. Full reports at miamirealtors.com/news/south-florida-market-stats. See the full dataset, updated monthly, on our Miami-Dade Market Stats page.
Six-Month Sales Trend: Single-Family vs. Condo
Closed sales for both segments held in a tight band through the spring before diverging in July. Single-family sales dipped seasonally to 909, the lowest single month since February, while condo sales stayed closer to their spring pace at 1,026.
| Month | Single family | Condo |
|---|---|---|
| Feb 2026 | 733 | 845 |
| Mar 2026 | 1,063 | 1,071 |
| Apr 2026 | 1,032 | 1,033 |
| May 2026 | 1,042 | 1,022 |
| Jun 2026 | 1,049 | 1,058 |
| Jul 2026 | 909 | 1,026 |
Closed sales by month, Miami-Dade County. Source: MIAMI REALTORS + RWorld monthly statistics, compiled on the Allioo Miami-Dade Market Stats page.
What's Happening Nationally
Miami's growth stands out more than usual this month because the national market moved in the opposite direction. A few numbers for context, alongside Miami's:
| Metric | National | Miami-Dade |
|---|---|---|
| July sales trend | -1.7% MoM | +8.6% YoY |
| 30-year mortgage rate | 6.67% | Same |
| Median existing-home price | $434,100 | $685,000 / $400,000 |
| Unsold inventory | 4.6 mo | 4.8 / 12 mo |
| Unemployment rate | Higher in roughly half of major metros tracked by BLS | 3.9% |
National figures: NAR Existing-Home Sales Report, July 2026 and Freddie Mac Primary Mortgage Market Survey. Local unemployment: U.S. Bureau of Labor Statistics, reported via Axios Miami.
Nationally, existing-home sales fell for a second straight month as the 30-year rate climbed to its highest point of 2026. NAR Chief Economist Lawrence Yun called the market "remarkably stable" given the rate environment, but the month-over-month direction was still down. Miami-Dade didn't follow that pattern. Steady job growth is a big part of why: South Florida's unemployment rate held at 3.9% in June, below the national average, with the metro area adding 5,300 jobs over the prior year even as mortgage costs rose for everyone.
Migration Is Still a Major Demand Driver
Miami's year-over-year sales growth isn't happening in a vacuum, people are still moving here in large numbers, and the pace picked up in 2026. More than 200,000 people transferred an out-of-state driver's license to Florida in the first half of 2026, the highest first-half total since 2023. Miami-Dade drew the largest number of any Florida county, with 13,206 license transfers in that same period.
South Florida specifically saw out-of-state driver license exchanges rise 16% year over year in the first half of 2026, to 39,698. New York remains the single largest source of newcomers, but growth rates tell a sharper story:
| State | YoY growth |
|---|---|
| California | +16% |
| New York | +9% |
| New Jersey | +8% |
Source: MIAMI REALTORS + RWorld, 2026 Q2 South Florida Driver License Exchanges Report.
Tax policy is accelerating the trend on both coasts. New York's new pied-a-terre surcharge, phased in starting July 2026, adds a 4% to 6.5% charge on non-primary-residence condos assessed at $1 million or more. California's one-time 5% wealth tax targets residents with a net worth over roughly $1 billion. Neither policy is subtle, and both are pushing high-net-worth movers toward no-income-tax states like Florida faster than they were a year ago.
That inbound wealth shows up directly in Miami's numbers. The Miami metro area saw a $3.6 billion gain in wage earnings tied to net job migration in the four quarters ending Q1 2025, the most recent Census data available. South Florida single-family homeowners who bought 15 years ago now hold over $500,000 in home equity on average, compared to $333,700 nationally. Combine steady in-migration with historically low unemployment and heavy cash-buyer activity, and you get a local market that keeps expanding even as the national market pulls back.
What This Means for You
If you're buying a single-family home
Expect competition. At 4.8 months of supply and 96% of list price being received on average, well-priced single-family listings are moving fast, 45 days to contract, with limited room to negotiate hard on price. Get pre-approved before you start touring, and move quickly on properties that fit your criteria.
If you're buying a condo
You have real leverage. Twelve months of supply means sellers are competing for your attention, not the other way around. Use that leverage on price and closing costs, but budget extra due diligence time given the financing landscape. Confirm a building's FHA and conventional lending eligibility before you fall in love with a unit, since that eliminated Limited Review option can take financing off the table for buildings that used to qualify.
If you're selling
Segment matters more than it has in years. Single-family sellers are still in a strong position. Condo sellers, especially in buildings without strong reserves or clean milestone inspection records, should price realistically from day one rather than testing the market high, since 12 months of supply gives buyers room to wait out an overpriced listing.
If you're an investor
Cash remains king in this market; 47.5% of condo sales and 21.2% of single-family sales closed all-cash in July. That share tends to rise further at the high end, where all-cash buyers already dominate. Rate-sensitive buyers are still on the sidelines nationally, which is part of why Miami's cash-heavy buyer pool keeps giving it an edge the rest of the country doesn't have right now.
