After a year of sales growth in South Florida’s residential markets, total home sales volume fell in the tri-county area during the first month of 2019.
The Miami Association of Realtors attributed the declines to a lack of inventory among lower-priced and more affordable homes, in addition to concerns about the government shutdown and uncertainty over interest rates. Still, median home prices generally rose across the region.
Total residential sales dropped 11.7 percent in January, year-over-year, to 1,607 closings. Sales of single-family homes fell 11.5 percent to 774, while condo sales decreased nearly 12 percent to 833.
Median prices rose 6.1 percent for single-family homes to $350,000, and remained flat for condos at $230,000. The median price of houses has risen for more than seven years, according to the report.
In January, the total sales volume decreased about 4 percent to $760.1 million.
In Broward, overall residential sales fell to 1,916, a 10.7 percent decline compared to the previous year. Single-family home sales decreased by nearly 10 percent to 882, while condo sales dropped 11.4 percent to 1,034.
The median price of a single-family home was $355,000 in January, up 2.9 percent year-over-year. For condos, the median price also rose 2.9 percent, to $160,000.
The total sales volume in Broward County decreased 9.3 percent to $628.3 million.
Total Palm Beach County home sales decreased 21.1 percent year-over-year in January to 1,590. Condo sales totaled 744, an 18.3 percent decline, while single-family home sales dropped 23.3 percent to 846.
The total sales volume in Palm Beach County came out to $679.8 million, a 25.1 percent decrease from the previous January.
The median price for single-family homes rose 4.6 percent to $340,000, and for condos, it increased 2.9 percent to $175,000.