South Florida home sales rise in May as price growth slows

Sales dollar volume fell in Miami-Dade last month

The Miami skyline (Credit: iStock)
The Miami skyline (Credit: iStock)

Miami-Dade County

Residential sales in Miami-Dade County rose 6.6 percent in May, year-over-year, to 2,796. Single-family home sales increased by 10.2 percent to 1,355, while condo sales increased 3.5 percent to 1,441.

Despite the uptick in closings, total sales dollar volume fell in May by about $20 million to $1.3 billion. While the sales dollar volume of single-family homes was up to $716 million, condo sales dollar volume dropped down to $585.2 million.

Single-family home prices have been increasing on a year-over-year basis for 7.5 years, but the pace at which they’re rising is slowing. In May, single-family home prices increased by 2.9 percent, up to $360,000. Condo prices decreased by less than 1 percent to $243,000.

Broward County

Total residential sales increased 5.9 percent to 3,376 closings in May. Single-family home sales totaled 1,661 last month, an annual increase of 9.4 percent. Condo sales in Broward increased 2.9 percent to 1,715.

Sign Up for the undefined Newsletter

The total sales dollar volume in Broward increased by $100 million to $1.2 billion, a majority of which came from single-family home sales, which totaled $774.9 million. Condo sales dollar volume increased 1.5 percent to $391.2 million.

Price growth was stronger in Broward than in Miami-Dade. Single-family home prices increased 4.2 percent to $370,000, and condo sales prices jumped by 7.1 percent to $180,000.

Palm Beach County

Palm Beach County’s total home sales increased by 3.9 percent to 3,323, even with a 1.6 percent drop in condo sales in May, down to 1,453. Single-family home sales rose by 8.7 percent to 1,870.

And even with a substantial drop in condo sales dollar volume, overall residential sales dollar volume rose by 4.65 percent to $1.52 billion in Palm Beach County. Single-family home sales volume leapt by 14.6 percent to $1.1 billion, and condo dollar volume dropped by more than 15 percent to $412.5 million.

Single-family home prices increased 3.1 percent to $364,900, and condo prices rose by 5.2 percent to $185,000.