After a jump in home sales in South Florida in July, closings fell throughout Miami-Dade, Broward and Palm Beach counties in August, year-over-year. Prices continued rising at a slow pace, except for a drop in median condo prices in Palm Beach County.
Home sales fell in August by nearly 3 percent, year-over-year, to 2,374, according to the Miami Association of Realtors. Single-family home sales declined 1.9 percent to 1,164. Condo sales decreased 3.8 percent to 1,210.
Single-family home prices have risen for the past seven years and eight months. The median price for single-family homes rose by 2.8 percent in August to $370,000, compared to $360,000 the same month last year. For a condo, the median price increased 5.1 percent to over $241,000, up from $230,000 in August 2018.
The overall residential sales volume in August came out to just over $1 billion.
Total residential sales fell 3.9 percent, year-over-year, to 2,895. Single-family home sales declined by 6.2 percent to 1,436, while condo sales dropped by 1.4 percent to 1,459.
The median price of single-family homes increased 2.7 percent to nearly $370,000, and the median price of condos jumped by 6.7 percent to $176,540.
Residential sales volume totaled $962.5 million.
Total home sales decreased 2.4 percent, year-over-year, to 2,707. Single-family home sales decreased less than 1 percent to 1,566, while condo sales decreased 4.8 percent to 1,141.
The median price of single-family homes increased 4.4 percent to $355,000, while the price for condos fell by 1.4 percent to $182,500.
The residential sales volume totaled $1.18 billion in August.