Miami Condo Sales Hold Up as Mortgage Rates Top 7%

Miami-Dade condo sales are running ahead of last year even with mortgage rates back above 7%. Recorded deeds show 8,137 condo resales in Miami-Dade County from January through August 2026, up 9.2% from 7,452 a year earlier, and the 30-year fixed rate averaged 7.40% in Freddie Mac's survey of October 8, 2026. MIAMI REALTORS' official 2026-2027 outlook, published in June, expected condo and townhouse sales across South Florida to grow 2.5% in 2026 and 3.2% in 2027.

Rates have moved the wrong way for buyers

Freddie Mac's weekly survey, also published by the St. Louis Fed, shows the 30-year fixed rate climbing from 6.66% at the end of August 2026 to 7.03% on September 24 and 7.40% on October 8. For a buyer financing a condo, that is a meaningful jump in a few weeks: the same payment now buys less unit than it did in the summer.

MIAMI REALTORS' June outlook, written by chief economist Gay Cororaton, already expected rates to stay elevated in 2026, with a year-end range of 6.4% to 6.7% depending on inflation. Rates are now above that range. Miami Today reported on October 6 that a newer MIAMI REALTORS forecast puts rates near 7% through the end of 2026, but we could not find that forecast published by MIAMI REALTORS itself as of October 13, 2026, so we cite the June outlook.

What the recorded deeds show

Own.Miami classifies every recorded condo deed in Miami-Dade County. Through August 2026:

• 8,137 condo resales from January through August, up 9.2% from the same months of 2025.
• 3,140 first sales in new buildings over the same eight months, against 663 a year earlier as newly completed towers closed their presales.
• A median resale price of $385,000 in August 2026, against $362,000 in August 2025.

These are countywide counts from the public record, not neighborhood figures, and they include sales that did not close through the MLS.

The forecast does not mean a tight market

More sales do not mean fewer choices. MIAMI REALTORS' June outlook projected about 10.4 months of condo and townhouse supply for 2026, and the condo neighborhoods we track show more:

| Neighborhood | Months of supply | |---|---| | Key Biscayne | 6.8 | | Coconut Grove | 9.6 | | Edgewater | 13.6 | | Bal Harbour & Surfside | 14.0 | | Brickell | 18.2 | | Sunny Isles Beach | 19.7 | | Downtown | 30.1 |

Own.Miami market data, as of October 13, 2026. Six months or less is usually read as a seller's market. Our Buyer/Seller Market Index for Miami as a whole reads 26 of 100, a buyer's market.

What it means for a condo buyer

The June outlook expected the median condo and townhouse price to slip 0.4% in 2026 and rise 1.3% in 2027, so it does not promise appreciation. Higher rates favor cash buyers and buyers who can put more down. Financed buyers should also check that a building qualifies for conventional lending before making an offer, since lenders review a building's reserves, insurance and litigation. In most neighborhoods, high supply gives a financed buyer room to negotiate the price to offset the rate.