MIAMI—Even in the face of rising prices, Downtown Miami's residential market continues its rebound with sustained velocity for both sales and leasing. So says the Miami Downtown Development Authority’s 2012 Q2 Residential Market Trend Update.

“There is a growing trend toward urbanization taking shape across the country, with young professionals in particular seeking the convenience, lifestyle and amenities that urban living provides,” Alyce Robertson, executive director of the Miami DDA, tells GlobeSt.com. “Nowhere is this more apparent than in Downtown Miami where renters and buyers are flooding the market, absorbing existing inventory and creating demand for new product.”

According to the report, average monthly volume of residential sales in the second quarter was up about 7.2% from the first quarter average. Year-over-year the total sales in the first half of 2012 was up about 24% from 2011.