Total Miami-Dade County home salesincreased 3.1% year-over-year.

MIAMI—Overall home sales in Miami-Dade County, as well as luxuryhome sales, were higher in October, due at least in part to themigration of families and businesses leaving high-cost Northeasternstates.

Miami single-family home sales were up 2.3% year-to-datecompared to first 10 months of last year; condo sales were up 0.5%year-to date. Miami real estate continues seeing increased demandas months of supply and inventory trends downward for both propertytypes, according to officials with the MIAMI Association ofRealtors and its Multiple Listing Service.

Total luxury ($1-million-and-up) home sales surged 13.8%year-over-year in October 2019, from 123 to 140. Single-family homeluxury sales jumped 16.7% to 77 transactions last month inMiami-Dade. Condo luxury sales increased 10.5% to 63transactions.

Total Miami-Dade County home sales increased 3.1%year-over-year, from 2,285 to 2,355. With consumer confidencerising, unemployment low, job creation high and increased migrationto Florida, Miami real estate should enjoy steady growth, theassociation reported in its monthly sales report.

Miami single-family home sales increased 6.8%, from 1,073 to1,146. Miami existing condo sales decreased a negligible 0.2%, from1,212 to 1,209.

"Miami's rise as a global city, a new federal tax law limitingdeductions on state and local taxes and low mortgage rates continueboosting home sales. Northerners and other homebuyers are not justpurchasing second homes; they are bringing businesses and movinghere full time," says MIAMI Chairman of the Board José MaríaSerrano.

The increased number of luxury transactions raised the totaldollar volume for Miami real estate last month. Single-family homedollar volume rose 7.7%, from $522.9 million to $563.1 million.Condo dollar volume jumped 8.1%, from $426.2 million to $460.7million.

Miami-Dade County single-family home prices increased 6.8% inOctober from $350,000 to $365,000. Miami single-family home priceshave risen for 95 consecutive months, a streak of 7.92 years.Existing condo prices increased 5.1%, from $235,000 to $247,000.Condo prices have increased or stayed even in 97 of the last 101months.