Miami-Dade County total home sales jumped year-over-year in May as low mortgage rates and new tax laws continue encouraging encourage domestic buying activity, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

Miami total home sales jumped 6.6%, from 2,622 in May 2018 to 2,796 in May 2019. Miami single-family home sales increased 10.2%, from 1,230 to 1,355. Miami condo sales increased 3.5%, from 1,392 to 1,441.

“Miami real estate home sales for all property types increased in May,” MIAMI Chairman of the Board José María Serrano said. “Miami’s lifestyle coupled with a growing economy, new tax laws and low mortgage rates continue fueling the market. Miami has now posted more single-family and condo sales in the first five months of this year compared to the same period last year.”

Total Miami Home Sales Rise in May

Total Miami-Dade County Home Sales rose 6.6% year-over-year, from 2,622 to 2,796. Miami single-family home sales increased 10.2%, from 1,230 to 1,355. Miami condo sales increased 3.5%, from 1,392 to 1,441.

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.07% in May, down from 4.14% in April. The average commitment rate across all of 2018 was 4.54%. Mortgage interest rates have been declining sharply since late last year.

Total sales volume decreased to $1.30 billion last month from $1.32 billion in May 2018. Single-family dollar volume increased 6.3% from $673.6 million to $716 million. Condo dollar volume decreased 9.4% from $645.8 million to $585.2 million.

Lack of access to mortgage loans continues to inhibit further growth of the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 12 are approved for Federal Housing Administration loans, down from 29 last year, according to Florida Department of Business and Professional Regulation and FHA.