Miami housing market tightens further

Witkoff Chairman and CEO Steve Witkoff provides insight into the real estate industry.

Miami’s real estate market remained red-hot during the three months through June as the work-from-home lifestyle fueled by the pandemic left buyers having to pay record prices as they sifted through a short supply of homes.

The number of sales closed in Miami Beach spiked 68% from the first quarter to 2,393, according to the Elliman Report. Closings were up 378% from the year-ago period when the market was impacted by lockdowns aimed at slowing the spread of COVID-19. 

“The market is getting more intense than last quarter,” said Jonathan Miller, CEO of New York-based real estate and consulting firm Miller Samuel. “Low supply meets heavy demand, and that’s being fueled by a number of things, primarily low rates and additional options for remote work.”

Florida, and Miami in particular, has become a sought-after destination for Americans to move to as the pandemic…

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