The Real Deal Miami

South Florida resi sales keep climbing in August

National home sales fell 1.5 percent compared to the same period last year
By Katherine Kallergis | September 20, 2018 04:30PM

Aerial view of homes in South Florida (Credit: Pxhere)

Residential sales are still climbing across South Florida, according to August figures from Florida Realtors. Median prices are also still rising, but at a slower pace than before.

The total sales volume for residential closings in Miami-Dade, Broward and Palm Beach counties was $3.27 billion in August, up more than 16 percent from $2.81 billion in the same month the previous year.

Across the country, existing home sales were down 1.5 percent last month, compared to the same period last year, according to the National Association of Realtors.

Miami-Dade

Residential sales in Miami-Dade saw the biggest jump in the tri-county region, rising 13.25 percent to 2,444 closings in August. Single-family home sales increased 10.5 percent to 1,186, while condo sales were up 15.9 percent to 1,258 closings.

The median sale price also rose, up 6.7 percent to $360,000 for single-family homes and up 2.2 percent to $230,000 for condos. While prices are still increasing, they’re doing so at a slower pace.

Broward

Closings in Broward grew 4.4 percent to 3,011, thanks to an 8.8 percent increase in condo sales to 1,480. Single-family home sales inched forward, up 0.5 percent to 1,531.

In Broward, the median sale price for homes was $360,000, a 3 percent increase from August 2017. For condos, the median price rose 6.1 percent to $165,500.

Palm Beach

Palm Beach County also experienced a bump in residential sales, up 2.17 percent to 2,774. Home sales rose 1.7 percent to 1,576, and condo sales increased 2.8 percent to 1,198.

The median price for single-family homes was flat year-over-year at $340,000, and it jumped 5.7 percent to $185,000.