FYI Miami: May 26, 2022

Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.

MORE BRAZIL LINKS: More flights are serving what was Miami’s second-busiest passenger market before the pandemic hit. Brazilian low-cost carrier GOL resumed service at Miami International Airport for the first time since the pandemic hit with four weekly flights to Brasilia, which are to increase on July 4 to daily service. GOL provides the airport’s only flights to Brasilia, and Miami and Orlando are GOL’s only US destinations. Brazil flights brought 1.5 million passengers a year to Miami before the pandemic. GOL is also to resume flights linking Miami and Manaus on June 4, which will give the airport four Brazilian routes.

HOME SALES DROP: Miami home sales in April dropped 13% from April 2021, diving from 3,960 sales last April to 3,445 this year. Existing condo sales fell 7.4% year over year, from 2,376 to 2,199 this year. Single-family home sales plunged 21.3% from 1,584 in April 2021 to 1,246 this April, according to figures from the Miami Association of Realtors. The association said the fall was due to rising mortgage rates that held down sales. Single-family luxury home sales – which the association classifies as those $1 million and up – tumbled 31.2% to 247 sales, which the association said was because of “low inventory.” Condo sales in that price range dipped 0.3% to 313 transactions.

HOME PRICES SOAR: As home and condo sales in Miami-Dade fell in April, prices of those homes that did sell continued to rise sharply. Existing condominium sale prices rose 20% year over year, from a median of $325,000 to $390,000, the Miami Association of Realtors reports. Meanwhile, the median price of single-family homes sold rose 9.7%, from $515,000 in 2021 to $565,000. 

INTERNATIONAL BUSINESS STUDY: The Center for International Business Education and Research at Florida International University will receive $1.33 million from the federal government spread over four years to support more than 50 programs geared to promote international understanding and competitiveness. The university’s Business School will match the funding for present and new activities including the Undergraduate Research Associate Program, programs incorporating foreign language and international studies training, international internships and study abroad programs, international trade missions, and faculty research and development in South Korea, India and Latin America. The grant is one of 16 such awards nationwide.