Miami and Palm Beach home sales inch upward in June, drop in Broward: Realtors reports
US home sales increased 0.7% annually to 5.52M in June
Home sales increased in Miami-Dade and Palm Beach counties and fell in Broward in June, echoing sales trends in May, according to the Miami, Fort Lauderdale and Palm Beaches Realtors.
Across the country, home sales increased 0.7 percent annually to 5.52 million sales in June.
Residential sales in Miami-Dade County rose 1.1 percent year-over-year to 2,669 sales, according to the Miami Association of Realtors. Condo sales are to blame for the minuscule uptick in overall sales: 1,343 condos sold in June, a 1.5 percent increase from the year before. Meanwhile, single-family home sales were up 3.9 percent to 1,346 from 1,296.
The report attributes the decline in condo sales to a lack of financing. Twelve condo buildings in Miami-Dade and Broward counties are approved for Federal Housing Administration loans, down from 29 the previous year.
Median home prices increased for the 67th consecutive month (or five years and seven months). The median price of a single-family home was $335,000 in June, marking an annual increase of 6.3 percent. Condo prices, which have been on the rise for 71 of the last 73 months, were up 6.8 percent to $235,000 in June.
Condo and home sales posted declines in Broward County last month. Residential sales fell 4.2 percent to 3,294 sales in June compared to 3,440 in June 2016. The Greater Fort Lauderdale Realtors said 1,692 single-family homes sold, a 6.3 percent decline from the previous year, while condo sales fell 2 percent year-over-year to 1,602 from 1,635 sales.
But home prices continue rising. The median sales price for single-family homes leapt 9.2 percent to $355,000, and the median price of a condo was up 7.2 percent to $160,000 in June.
Palm Beach County saw an incremental increase of home sales in June as the inventory continues to get absorbed. Residential sales were up 2 percent to 3,085 closings from 3,024 the previous year. Single family home sales increased 1.8 percent to 1,855, and condo sales rose 2.3 percent to 1,230.
The median price of a single-family home jumped 7.8 percent to $345,000, according to the Realtors of the Palm Beaches and Greater Fort Lauderdale.