The Real Deal Miami

Miami-Dade and Palm Beach home sales up in May, down in Broward: Realtors reports

US home sales rose 1.1% in May

View from Hyde Midtown of downtown Miami (Credit: Tamz Photography)

Home sales in Miami-Dade and Palm Beach counties rose in May, while residential sales fell in Broward County, according to the associations of Realtors.

May also marked a month-to-month improvement in Miami-Dade and Palm Beach. In April, residential sales posted year-over-year decreases in all three counties.

Across the country, home sales rose 1.1 percent annually to 5.62 million closings in May.

Miami-Dade

In Miami-Dade, residential sales increased 7.7 percent year-over-year to 2,728 from 2,532 last year. Single-family home sales jumped 9.9 percent year-over-year to 1,334 from 1,223; while condo sales were up 5.7 percent, to 1,384 from 1,309.

Residential prices also rose in Miami-Dade, according to the Miami Association of Realtors. Single-family home prices grew 10.7 percent to $325,000, up from $293,500 in May of last year. Condo prices were also up by 4.8 percent, to $225,000 from nearly $215,000.

Prices of single-family homes have been on the rise for 5.5 years, while condo prices have increased for 70 of the last 72 months.

Broward

Closed sales fell 4.6 percent in Broward last month to 3,225 residential sales from 3,383 the previous year. The single-family home market is to blame for the decline: sales fell 9.1 percent to 1,579 from 1,738. Townhouses and condos were flat.

Residential prices also jumped in Broward by 7.9 percent. Townhouse and condo prices were up 8.4 percent to $211,018 in May from $194,606 the previous year; while prices of single-family home prices rose 7.9 percent to nearly $409,000 from $378,788.

Palm Beach

Sales and prices were up for both single-family homes and for condos in Palm Beach County.

Residential sales increased by 5.8 percent to 3,188 from 3,012 the previous year, according to the Realtors Association of the Palm Beaches. The median price of single-family homes rose 7.9 percent to $335,000 from $310,500, and the median price of townhouses and condos was up 8.8 percent to $179,500 from $165,000.