In Miami, single-family home sales ascended 27.3 percent in July. There were 1227 home sales in July of this year, compared to 964 in July of 2012. Miami condo sales increased 13.4 percent over the same time period, from 1356 condo sales in July of 2012 to 1568 sales this July.

While there was a slight increase in housing inventory, the current supply is still insufficient to meet the heavy demand. A surge in new condo developments in Miami is aiming to help alleviate this problem.

Grove at Grand Bay, New Construction in Miami