September was a rough month for South Florida home sales, thanks in part to Hurricane Irma, according to September figures from the Florida Realtors.
Residential sales decreased more than 30 percent to 1,488 closings from 2,130 the previous year. Single-family home sales fell a whopping 35.8 percent year-over-year, to 684 from 1,066; while condo sales dropped 24.4 percent to 804 from 1,064, according to the Miami Association of Realtors. Residential sales volume in the county hit $631.1 million last month.
Single-family home prices continued rising, up 6.5 percent in September to $335,000 from $314,500 last year, marking the 70th consecutive month of increasing prices. Condo prices rose 7.1 percent last month to $234,500 from $219,000 in September 2016.
The inventory of single-family homes fell 4.8 percent to 6,060, while condo inventory increased 5.2 percent to 14,834 listings.
Broward reported 32.3 percent fewer single-family home sales in September compared to the previous year. Closings fell to under 1,000 compared to more than 1,400 the previous year.
Condos had a slightly better month than single-family homes: 1,102 condos sold last month, a 19 percent year-over-year drop.
Overall, residential sales declined nearly 26 percent annually, to 2,066 sales from 2,783.
Meanwhile, the median sale price of single-family homes increased 10 percent to $357,600. Condo prices also rose 4 percent to $156,000 from $150,000.
Palm Beach County
Residential sales declined about 26 percent to 1,919 closings in September, according to the Florida Realtors.
Single-family home sales fell by 26.3 percent last month, while the median price of houses rose 2.8 percent to $325,000. Condo sales dropped 25.6 percent to 832 closings, while the median price rose to $172,000, an 8.5 percent increase.