Miami-Dade County Prices Rise in April 2020 as COVID-19 Temporarily Impacts Sales; Surging Pending Sales to Result in Sales Increases in the Next Couple of Months
MIAMI — Miami-Dade County median prices increased year-over-year in April 2020 as home sales saw expected declines as a result of the global COVID-19 situation, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system. “Despite the expected COVID-19 impact on April sales, we are already seeing a surge in pending sales that will result in a significant increase in closed sales in the next couple of months,” MIAMI Chairman of the Board Jorge L. Guerra Jr. said. “With stay-at-home orders ending and South Florida slowly reopening, listings and buying activity has definitely rebounded. Pent-up demand, historically low mortgage rates and the robust fundamentals of the South Florida housing market is already leading to increased buying activity.” The market bottomed in mid-April and surging pending sales should result in sales increases in the next couple of months. South Florida Realtors are seeing a rise in mortgage applications and additi