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South Florida Residential sales plunged in July and August, dropping by more than 50% in Miami-Dade.
South Florida Median home prices keep rising on a year-to-year basis, although prices declined on a month-over-month basis in two counties, Miami-Dade and Palm Beach, according to reports from the Miami Association of Realtors.
The reports only included closed sales on the Multiple Listing Service.
Sales have been dropping for the last 6 months, due to the interest rate hikes, and this trend is likely here to stay.
In Miami-Dade County:
In Miami-Dade, Residential sales decreased to 2,375 units closed, accounting for a 53% drop compared to July of 2021.
Single-family home sales tumbled by 27% to 1,373 units closed; while condo sales decreased 39% to 1,376 units closed.
The median price for single-family homes rose 11%, since last year, to $570,000; and up 12% for condos to $380,000.
The median price for houses was $579,000 in June, and it was $410,000 for condos, sales by volume in July totaled $1.8 billion, down 28% from last year. Sales by volume for single family homes fell 24% to $1.4 billion, while Sales by volume in the Condo market went down by 39% to $789 million USD, dropping below a $1 billion volume.
In Broward County:
In Broward, Residential sales decreased to 2,575 units closed, accounting for a 30% drop compared to July of 2021.
Single-family home sales tumbled by 28% to 1,213 units closed; while condo sales decreased 32% to 1,362 units closed.
The median price for single-family homes rose 21%, since last year,, to $600,000; and up 23% for condos to $265,000.
The median price for houses was $579,000 in June, and it was $410,000 for condos, sales by volume in July totaled $1.4 billion, down 17% from last year. Sales by volume for single family homes fell 15% to $1.1 billion, while Sales by volume in the Condo market went down by 16% to $491 million USD.
In Palm Beach County:
In Palm Beach, Residential sales decreased to 2,222 units closed, accounting for a 33% drop compared to July of 2021.
Single-family home sales tumbled by 33% to 1,190 units closed; while condo sales decreased 32% to 1,032 units closed.
The median price for single-family homes rose 20%, since last year, to $600,000; and up 25% for condos to $290,000.
The median price for houses was$1.5 billion USD in June, and it was $410,000 for condos.
Source: Miami Association of Realtors