By John Jordan
MIAMI—By nearly every metric, the Miami residential sales market is very strong, fueled at least in part by residents of tax-burdened states fleeing to Greater Miami and other locations throughout the Sunshine State.
Miami single-family home and condo sales both jumped by double digits in September as compared to a year earlier. Single-family home sales increased 10.4% year-over-year, from 978 to 1,080. Condo sales increased 11.4% year-over-year, from 1,041 to 1,160.
“New tax laws and low mortgage rates continue fueling Miami real estate,” MIAMI Association of Realtors chairman of the board José María Serrano says. “High earners from tax-burdened states are relocating to Miami, but not just because of monetary savings. Miami is home to one of the nation's fastest-growing downtowns, the world-renowned Art Basel Miami, a global reputation for fine art and design and the most cultural institutions in the Southeast.” Read more.