Miami home sales fell yet again in September, but the market’s mid-section continued to prove popular among buyers, according to a joint report from the Miami Association of Realtors and the local MLS.

Across Miami-Dade County, total sales of all property types fell 14.7 percent year-over-year, while single-family sales fell 10.8 percent and condo sales slipped 18.3 percent. Market-wide demand has been falling most of the year, especially compared to the record and near-record years of 2013 and 2014.

Huge price gains this year

A positive stat to note, however, is the middle range of the single-family market, where sales increased.

For single-family homes priced between $300,000 and $600,000, sales increased 5.1 percent from the same time last year. That growth may be from an increase in demand, but it also may be from a major shortage in homes priced below $300,000. From Sept. 2015 to Sept. 2016, inventory for homes in that price range have dropped 32.4 percent. With fewer options, buyers may be getting pushed into higher price points.

Meanwhile, condo inventory remains well above the normal six-to-eight-month range at an 11.9-month supply.

Despite slipping demand throughout much of the market, median prices for both single-family homes and condos rose in September by 10.4 and 9.2 percent, respectively. The increase pushed the median sales price for single-family homes in Miami to $314,500. Since the end of 2015, the median price of single-family homes in the city have risen about $50,000. For condos, the median price was $219,000 – up $15,000 since last year.

Staying optimistic

The writing on the wall says Miami’s real estate market is in a little bit of trouble – particularly its luxury market, where prices and sales plummeted during this year’s third quarter. But MIAMI Chairman Mark Sadek doesn’t see it that way.

“Miami is home to one of the fastest-growing urban cores in the world, and homebuyers want to own their piece of paradise,” he said. “Miami’s strong fundamentals — consistent job gains, population growth and affordable mortgage rates — continue to positively impact the local market.”