broward county total home sales continued rising in august 2021 as pentup demand more us individuals and companies moving to south florida and recordlow mortgage rates continue fueling transactions according to the miami association of realtors miami and the multiple listing service mls system broward county total home sales continued rising in august 2021 as pentup demand more us individuals and companies moving to south florida and recordlow mortgage rates continue fueling transactions according to the miami association of realtors miami and the multiple listing service mls system broward county total home sales rose 108 yearoveryear in august 2021 from 3089 sales to 3422 broward singlefamily home transactions decreased 28 from 1672 to 1625 broward existing condo sales increased 268 from 1417 to 1797 the pandemic and the increase availability of remote work accelerated migration to south florida and were seeing it month after month browardmiami president patrick simm said if you can do business anywhere why not move to a market like south florida where your money will go further and your lifestyle and health will be so much better broward home sales are also significantly higher vs august 2019 broward total home sales are up 182 in august 2021 vs august 2019 from 2895 to 3422 broward singlefamily home sales 132 increase and condo transactions 232 jump are higher than august 2019 demand for broward condos surges condo sales rise 268 yearoveryear in august 2021   with so many us companies and individuals relocating to our region over the last year many of those relocating homebuyers are taking advantage of the condo inventory international homebuyers who have long preferred condos have pentup demand for miami real estate and are also returning to the no 1 market for foreign homebuyers broward existing condo sales are up in all price ranges in august 2021 with major transaction increases in properties selling at 300k and above lack of inventory in certain price points is impacting sales particularly for singlefamily homes more inventory is expected to come to the market as potential home sellers become more comfortable listing and showing their homes the falling number of homeowners in mortgage forbearance will also bring about more inventory broward luxury sales jump as northeast and west coast buyers move to mega region   broward singlefamily luxury 1millionandup transactions jumped 681 yearoveryear to 195 sales in august 2021 broward existing condo luxury 1millionandup sales increased 2941 yearoveryear to 67 transactions there are 37 months of supply in luxury singlefamily homes 63 months of supply in luxury condos luxury months of supply continues to trend downward for all property types monthovermonth and yearoveryear low interest rates a robust sp 500 the appeal of stable assets in a volatile economy homebuyers leaving taxburdened northeastern states to purchase in florida no state income tax and workfromhome and remotelearning policies have all combined to create a robust market for luxury singlefamily properties with global vaccinations rising and unstable political situations around the world south florida is seeing an increase in foreign homebuyers global buyers are also coming here for the vaccine and purchasing property global buyers purchase in miami because miami is a worldclass global city with better real estate prices than other similar global cities foreign buyers feel at home with our incredible diversity and acceptance of all cultures broward singlefamily homes priced between 400k to 600k increased 976 yearoveryear to 578 transactions in august 2021 broward existing condo sales priced between 400k to 600k increased 809 to 170 transactions new listings rise more inventory arriving for lowsupplyhighdemand market   new listings of broward singlefamily homes increased 23 to 1838 from 1796 new listings of condominiums increased 11 from 2047 to 2069 inventory of singlefamily homes decreased 325 yearoveryear in august 2021 from 3492 active listings last year to 2357 last month condominium inventory decreased 507 yearoveryear to 3845 from 7799 listings during the same period in 2020 months supply of inventory is down since july 2019 for singlefamily reflecting strong demand months supply of inventory for singlefamily homes decreased 464 to 15 months which indicates a sellers market inventory for existing condominiums decreased 677 to 21 months which indicates a sellers market a balanced market between buyers and sellers offers between six and ninemonths supply total active listings at the end of august 2021 decreased 451 yearoveryear from 11291 to 6202 nationally total housing inventory at the end of august totaled 129 million units down 15 from julys supply and down 134 from one year ago 149 million unsold inventory sits at a 26month supply at the current sales pace unchanged from july but down from 30 months in august 2020 broward homeowners home equity continues surging as many pay lower mortgage payments   with interest rates still at record lows many south florida homeowners have refinanced their home loans so not only are many homeowners paying lower mortgage payments today they are doing so while their wealth home equity has significantly increased home equity can be tapped for renovations college loans and more broward county singlefamily median prices increased 19 yearoveryear in august 2021 increasing from 416000 to 495000 existing condo median prices increased 101 yearoveryear from 199900 to 220000 the greater share of broward luxury sales in 2021 compared to a year ago is part of the reason for the large yearoveryear increase in median prices rising median prices is a trend nationwide as recordlow mortgages rates and the increased availability of remote work and education has accelerated the demand for housing low inventory relative to high demand leads to prices rising lower mortgage rates are making home purchases more affordable according to freddie mac the average commitment rate for a 30year conventional fixedrate mortgage was 284 in august down from 287 in july the average commitment rate across all of 2020 was 311 nar chief economist lawrence yun expects the 30year fixedrate mortgage to remain below 35 in 2021 should mortgage rates resume their upward climb home price growth is likely to slow in response as more sellers list properties in 2021 the increased inventory should ease the growth of median prices south florida remains a bargain compared to other global cities in miami 1 million can net homebuyers 85 square meters of prime property according to knight franks 2021 the wealth report monaco 15 square meters hong kong 23 london 31 new york 34 and geneva 35 and others offer significantly less prime land for 1 million broward dollar volume totals 17 billion showcasing impact housing plays in local economy   while other industries struggled over the past year housing lifted the economy nationally and locally for every two homes sold in the us one job is created miami dollar volume showcases the impact housing plays in the local economy broward total dollar volume totaled 25 billion in august 2021 singlefamily home dollar volume increased 266 yearoveryear from 8839 million to 11 billion condo dollar volume increased 619 yearoveryear from 3444 million to 5577 million broward distressed sales keep dropping reflecting healthy market   only 09 of all closed residential sales in broward were distressed last month including reo bankowned properties and short sales compared to 25 in august 2020 total broward distressed sales decreased 564 yearoveryear in august 2021 from 78 to 34   short sales and reos accounted for 02 and 08 yearoveryear respectively of total broward sales in august 2021 short sale transactions decreased 682 yearoveryear while reos decreased 518 nationally distressed sales represented less than 1 of sales in august 2021 equal to august 2020 national state housing demand robust as more inventory expected to arrive   nationally total existinghome sales transactions completed transactions that include singlefamily homes townhomes condominiums and coops fell 20 from july to a seasonally adjusted annual rate of 588 million in august yearoveryear sales dropped 15 from a year ago 597 million in august 2020 statewide closed sales of singlefamily homes in august totaled 29550 up slightly 02 yearoveryear while existing condotownhouse sales totaled 12550 up 131 over august 2020 closed sales may occur from 30 to 90plus days after sales contracts are written nationally the median existinghome price for all housing types in august was 356700 up 149 from august 2020 310400 as prices increased in each region this marks 114 straight months of yearoveryear gains the statewide median sales price for singlefamily existing homes in august was 354000 up 18 from the previous year according to data from florida realtors research department in partnership with local realtor boardsassociations last months statewide median price for condotownhouse units was 252500 up 161 over august 2020 the median is the midpoint half the homes sold for more half for less broward real estate attracting multiple bids buyers going overlist price   the median percent of original list price received for singlefamily homes was 100 in august 2021 up 3 from 971 last year the median percent of original list price received for existing condominiums was 979 up 31 from 95 last year the median number of days between listing and contract dates for broward singlefamily home sales was 12 days a 556 decrease from 27 days last year the median time to sale for singlefamily homes was 54 days a 239 decrease from 71 days last year the median number of days between the listing date and contract date for condos was 24 days down 529 from 51 days the median number of days to sale for condos was 68 days a 244 decrease from 90 days broward cash sales 732 more than national figure in august 2021   cash sales represented 381 of broward closed sales in august 2021 compared to 272 in august 2020 about 22 of us home sales are made in cash according to the latest nar statistics the high percentage of cash buyers reflects south floridas top position as the preeminent american real estate market for foreign buyers who tend to purchase with all cash as well as some moving from more expensive us markets who can buy more with their profits from real estate sales cash sales accounted for 514 of all broward existing condo sales and 234 of singlefamily transactions note statistics in this news release may vary depending on reporting dates miami reports exact statistics directly from its mls system about the miami association of realtors   the miami association of realtors was chartered by the national association of realtors in 1920 and is celebrating 101 years of service to realtors the buying and selling public and the communities in south florida comprised of six organizations the residential association the realtors commercial alliance the browardmiami association of realtors the jupiter tequesta hobe sound jthsmiami council the young professionals network ypn council and the awardwinning international council it represents 52000 total real estate professionals in all aspects of real estate sales marketing and brokerage it is the largest local realtor association in the us and has official partnerships with 223 international organizations worldwide miamis official website is httpwwwmiamirealtorscom    for the original version on prweb visit httpswwwprwebcomreleasesbrowardrealestatehomesalesagainriseyearoveryearinaugust2021prweb18215910htm