In the third quarter, Miami had continued residential sales success.

Miami-Dade County real estate had a strong third quarter in 2015, according to the Miami Association of Realtors, with total residential sales, single-family house transactions, existing condo transactions, and median prices all increasing over the same time in 2014. Chats

In the third quarter of 2015, Miami-Dade County recorded 7,811 total residential sales, up 2.3 percent from the previous quarter's 7,632 sales. Single-family house sales increased by 4.1 percent, from 3,522 to 3,699. Existing condo transactions grew 0.8 percent, from 4,080 to 4,112, despite an increase in supply of Miami pre-construction condo units east of Interstate 95.

"When compared to other world-class global cities, Miami real estate remains a value," remarked Christopher Zoller, the 2015 Residential President of the Miami Association of Realtors. "Single-family housing prices in Miami are at 2004 levels, far lower than in New York, London, and Hong Kong. Today's pricing, combined with historically low mortgage rates and a diverse work environment in South Florida, are driving more people to buy real estate in Miami."

According to Freddie Mac, the average interest rate on a 30-year fixed-rate mortgage was 3.95 percent in the third quarter of 2015. This compares to a 4.14 percent average a year ago in the same quarter.

Residential Sales in the United States and Individual States in the Third Quarter

According to the National Association of Realtors, total existing-home sales for single-family and condominiums jumped 3.4 percent to 5.48 million in the third quarter, up from 5.30 million in the second quarter, and are 8.3 percent higher than the 5.06 million pace in the third quarter of 2014.

According to Florida Realtors, closed sales of existing single-family homes totalled 74,141 in the third quarter of 2015, up 14.7 percent from the third quarter of 2014. In the third quarter of 2015, Florida's townhome-condo market totaled 28,860 units, up 8.9% from the third quarter of 2014.

In the third quarter, median prices for single-family homes and condos in Miami increased.

In the third quarter, the median price for single-family homes in Miami-Dade County jumped to $273,200, up 9.3% from $250,000 in the previous quarter. Existing condominiums' median price grew 4.8 percent year over year, from $189,900 to $199,000. For the 15th quarter in a row, single-family homes and condominiums in Miami-Dade County have seen price increases.

According to the National Association of Realtors' 2015 Profile of Home Buying Activity of International Clients, despite rising median prices, Miami's residential properties remain more inexpensive than those in other global cities. Based on prices given in the Global Property Guide, NAR calculated the cost of a 120-square-meter condo in a variety of overseas locations. The average price of a 120-square-meter condo in Miami-Fort Lauderdale-Miami Beach was $149,900. The similar property cost at least five times more in London ($960,840), Hong Kong ($776,280), and New York ($1.6 million).

According to the National Association of Realtors, the median existing single-family house price in the third quarter was $229,000, up 5.5 percent from the third quarter of 2014 ($217,100). In the third quarter, the national median existing-condo price was $215,200, up 2.0 percent from the third quarter of 2014 ($211,000).

According to Florida Realtors, the median sales price for single-family existing homes in the third quarter of 2015 was $199,900, up 9.8% over the same period a year ago. The median price of a condo in Florida for the third quarter was $150,000, up 7.9% over the previous quarter.

The number of active listings in Miami increased in the third quarter.

In the third quarter, seller confidence in Miami's property market grew even more. In the third quarter, Miami real estate had 17,837 active listings, up 2.0 percent from 17,480 listings at the same time previous year.

When compared to the same period last year, single-family housing inventories fell by 5.4 percent. The decreased inventory is due to a record number of single-family home sales in Miami. Between January and September 2015, 10,799 single-family houses were sold in Miami, putting the market on track for 14,396 transactions. Last year's yearly Miami record of 13,521 sales was set.

The third quarter of 2015 showed a 6.3 percent year-over-year increase in active listings in Miami existing condominiums, which are also having a banner year with 12,265 existing condo sales from January to September 2015.

The single-family house market in Miami is in a seller's market, while existing condos are in a buyer's market. The number of active listings indicates 5.1 months of inventory for single-family homes and 8.7 months of inventory for condominiums at the current sales pace. Between six and nine months of supply inventory is available in a balanced market between buyers and sellers.

In the third quarter, the median number of days on the market for single-family home listings was 39, down from 45 a year ago. Condominiums spent 60 days on the market on average, up from 57 days last year, a 5.3 percent rise.

The number of new listings for single-family houses in Miami fell by 0.2 percent, from 6,237 to 6,223. The number of new condominium listings fell by 1.5 percent year over year, from 8,366 to 8,238.

Cash Sales in Miami are more than double the national average.

Miami continues to have a higher percentage of cash purchasers than the national average. In the third quarter of 2015, over 48.8% of Miami closed sales were entirely cash. According to the latest NAR statistics, only 24% of house purchases in the United States are made in cash. In the third quarter of 2014, cash transactions accounted for 54.9 percent of all Miami real estate transactions.

Cash sales accounted for 41% of all closed sales in the third quarter of 2015 in the state, down from 46% the previous year.

The current condo market in Miami has a higher percentage of cash-only sales, with 62.5 percent of all transactions taking place in cash. Cash accounts for approximately 33.5 percent of all transactions in the single-family sector.

The high percentage of cash buyers reflects Miami's status as the most important American real estate market for overseas buyers, who prefer to pay cash. According to the 2014 Survey of International Home Purchases performed by NAR for MIAMI, 81 percent of international buyers in South Florida pay all cash, compared to 60 percent of international purchasers across the United States.