Home buyers went on a shopping spree in Miami-Dade in May — and snapped up enough houses to set a new record.
Sales of single-family homes surged to a new high last month with 1,344 closings — a 9.9 percent increase in the number of homes sold over the same month in 2016 and besting the previous record of 1,276 transactions in May 2015.
Mid-market homes — properties listed between $200,000-$600,000 — comprised 71.9 percent of all sales. The volume of transactions in that price range grew by 27.9 percent, from 756 to 967.
Christopher Zoller, the 2017 chairman of the board of directors of the Miami Association of Realtors, attributed the gains to pent-up demand and fear of rising interest rates. The average commitment rate for a 30-year fixed-rate mortgage was 4.01 percent in May, according to Freddie Mac. The average commitment rate for all of 2016 was 3.65 percent.
“There had been a lot of people who sat on the sidelines for a year or more and now they’re getting into the market,” Zoller said. “Interest rates are still historically low, but whenever people see them go up another quarter point, they start to buy.