Residential sales and dollar volume in South Florida continued to decline in August, reflecting a cooling trend in the region’s housing market. According to data from the Multiple Listing Service collected by the Miami Association of Realtors, total dollar volume across Miami-Dade, Broward, and Palm Beach counties fell by 4 percent compared to last August, totaling $4.3 billion.
In Miami-Dade County, overall sales dropped 11 percent year-over-year to 1,788 transactions. Single-family home sales decreased by 8 percent to 964 closings, while condo sales declined by 13 percent to 903. Despite fewer deals, the median price for single-family homes increased by 2 percent to $655,000. The median sale price for condos slipped by 1 percent to $410,000. The county’s total dollar volume reached $1.7 billion; single-family home dollar volume grew by 2 percent to $1 billion, but condo dollar volume fell by 2 percent to $671 million.
Broward County experienced a similar trend with total sales falling 12 percent year-over-year to 1,989 closings. Single-family home sales were down by 13 percent at 1,015 transactions and condo closings dropped by 12 percent to 974. The median price for single-family homes rose by 3 percent to $625,000; however, condo prices declined sharply by 10 percent to $247,700. The county’s total dollar volume was reported at $1.2 billion with single-family home dollar volume down by 4 percent at $859 million and condo dollar volume dropping by 15 percent to $315 million.
Palm Beach County saw a smaller decrease in total sales—down just one percent year-over-year—to reach 1,955 closings. Notably, single-family home sales increased slightly by two percent with a total of 1,135 deals while condo closings fell four percent to reach 820 transactions. Median prices for single-family homes went up two percent to $630,000 but condos saw a ten-percent decrease in median price at $285,000. Total dollar volume amounted to $1.4 billion; single-family home dollar volume rose one percent reaching $1.1 billion whereas condo dollar volume declined seven percent at $347 million.
Despite the slowdown in overall activity and declining condo prices across all three counties, single-family homes continued experiencing modest price growth throughout the tri-county area.
