Residential sales and dollar volume in South Florida continued to decline in August, according to data from the Miami Association of Realtors. The combined dollar volume for Miami-Dade, Broward, and Palm Beach counties decreased by 4 percent compared to last year, totaling $4.3 billion.
In Miami-Dade County, total residential sales fell by 11 percent year-over-year to 1,788 transactions. Single-family home sales dropped by 8 percent to 964 closings, while condo sales declined by 13 percent to 903 closings. Despite fewer deals, the median price for single-family homes increased by 2 percent to $655,000. Condo prices dipped slightly by 1 percent to a median of $410,000. The county’s overall dollar volume reached $1.7 billion. Single-family home dollar volume grew by 2 percent to $1 billion, but condo dollar volume decreased by 2 percent to $671 million.
Broward County experienced a similar trend with total sales down 12 percent year-over-year at 1,989 closings. Single-family home sales declined by 13 percent to 1,015 deals and condo closings were down by 12 percent at 974 units sold. The median price for single-family homes rose by 3 percent to $625,000; however, the median condo price fell sharply by 10 percent to $247,700. Total dollar volume in Broward was $1.2 billion—single-family home dollar volume dropped by 4 percent to $859 million and condo dollar volume saw a significant decrease of 15 percent to $315 million.
Palm Beach County reported a smaller decline in total sales with a dip of just 1 percent year-over-year at 1,955 closings. Notably, single-family home sales increased by 2 percent to reach 1,135 transactions while condo closings fell by 4 percent at 820 units sold. The median price for single-family homes climbed by 2 percent to $630,000 but condos saw their median price fall by 10 percent to $285,000. Overall dollar volume in Palm Beach stood at $1.4 billion; single-family home dollar volume edged up by 1 percent to $1.1 billion while condo dollar volume dropped by 7 percent to $347 million.
The data reflects ongoing softness in the region’s housing market as both transaction counts and overall value continue trending downward across most categories.
