Condo sales have cooled across South Florida, but single-family homes have stayed in demand.
A Florida Realtors report shows 3,952 single-family homes were sold in the tri-county region in August, a 1.6 percent year-over-year increase. And the median sales price grew 3.8 percent to $270,000, according to the South Florida Business Journal.
“In August, the annual growth rate of Florida home prices continued to converge toward a level typical of what we observed back in the housing market’s stable, pre-boom days,” Florida Realtors Research Economist Brad O’Connor said in a news release. “The fact that we continue to see price growth is an encouraging sign that more and more traditional owner-occupant homebuyers are emerging to keep demand strong in the face of a diminished investor presence in the market.”
Although there are more than 30,000 new condos proposed or in development in South Florida, the market for existing condos has slowed.
Sales of condos and town homes in the region fell 13.4 percent in August to 3,703. [South Florida Business Journal] – Christopher Cameron