Miami-Dade home sales rose for an 11th consecutive month in July as single-family inventory tightened and million-dollar transactions climbed, extending a rebound across both houses and condos.

The county recorded 1,935 home sales in July, up 8.6% from a year earlier, according to an Aug. 17 report from the Miami Association of Realtors. Single-family sales increased 5.6%, while existing condo sales rose 11.4%.

Active single-family inventory fell 22.82% year over year, from 5,539 listings to 4,275. Sales of homes priced at $1 million or more increased 15.5%, from 341 to 394 transactions.

Palmetto Bay prices remain above $1 million

In Palmetto Bay, one local brokerage analysis put the median home sale price at about $1.15 million this spring.

The Opes Group, a Compass-affiliated brokerage active in the village, reported that the median was up about 11% year over year. Its market analysis also found homes were going under contract in about 42 days, with buyers particularly interested in turnkey four-bedroom properties.

At the higher end of the market, properties along the Old Cutler Road corridor and near Biscayne Bay can reach several million dollars.

Farther south, Cutler Bay remains considerably less expensive. Realtor.com market data put the median listing price at about $590,000 and the median sold price at about $575,000. Because the Palmetto Bay and Cutler Bay figures come from different sources and reporting periods, they should not be treated as a direct statistical comparison.

Million-dollar sales climb 15.5%

The increase in luxury transactions came as Miami-Dade continued to attract higher-income residents from outside the county.

A Florida International University analysis of tax-return data cited by the Miami Herald found that Miami-Dade has gained higher-income residents while losing some low- and middle-income residents. The average salary of people relocating to Miami-Dade for work was about $140,000 last year.

The migration data provide broader context for the luxury market but do not establish that relocation was responsible for July's increase in million-dollar sales.

"Well-managed condo buildings with strong reserves are performing particularly well, and that's another sign of the strength of this market," Alfredo Pujol, chairman of the Miami Association of Realtors, said in the association's Aug. 17 report.

Condo market continues to favor buyers

Despite higher sales volume, Miami-Dade's condo market continues to provide buyers with more negotiating room than the single-family market.

The county had 12 months of condo inventory in July, above the six-to-nine-month range the Miami Association of Realtors considers a balanced market.

The median existing condo price fell 1.48% year over year to $400,000. Condos took a median 86 days to go under contract, compared with 65 days a year earlier.

Cash buyers accounted for 47.5% of Miami-Dade's existing condo transactions.

The Miami Association of Realtors also reported that just 21 of 2,397 condo buildings in Miami-Dade, Broward and Palm Beach counties were FHA-approved.

Condo lending rules change

Changes to federal mortgage standards could also affect condo buyers and associations.

Fannie Mae retired its Limited Review process and Freddie Mac retired its Streamlined Review process for applicable condo loan applications beginning Aug. 3. The changes generally require more extensive reviews of condo projects when buyers seek conventional financing, although other review options and exceptions may apply.

Another change takes effect Jan. 4, 2027, when the minimum replacement-reserve allocation under applicable agency review standards increases from 10% to 15% of annual budgeted assessment income.

The changes are particularly significant in South Florida, where condos make up a large portion of the housing market and nearly half of Miami-Dade's existing condo transactions are completed with cash.

Major redevelopment underway in Cutler Bay

The improving countywide sales numbers come as Cutler Bay prepares for substantial residential and commercial development.

Southplace City Center, the redevelopment of the former Southland Mall property, is planned as a roughly $1.5 billion mixed-use project.

The first phase is expected to include more than 1,100 residential units along with retail and restaurant space, a 150-room hotel and a pedestrian bridge, according to information provided by Cutler Bay Town Manager Rafael Casals.

The project adds a significant amount of planned housing to southern Miami-Dade as the broader county market continues to adjust to changing inventory, prices and buyer demand.

The Miami Association of Realtors' next monthly report, covering August sales, is expected in September.