South Florida experienced a jump in home sales in August, while condo sales fell, as buyers increasingly show their preference for single-family homes.
After months of overall declines due to coronavirus, an increase in single-family home sales carried the market last month, according to tri-county data from the Miami Association of Realtors:
At the same time, prices rose throughout the region.
Miami-Dade
Residential sales grew by 6.4 percent, year-over-year, to 2,527. Single-family home sales jumped 16.6 percent to 1,357, while condo sales decreased 3.3 percent to 1,170.
Closed dollar volume of single-family homes increased more than 77 percent compared to August 2019, to $1 billion. Condo dollar volume rose 9.3 percent to $490.8 million.
Median single-family home prices increased 12.4 percent in August to $416,000. Condo prices increased 9.7 percent to $265,000.
Broward
Total home sales in Broward increased 6.7 percent to 3,089, thanks to a 16.4 percent jump in single-family home sales, to 1,672 last month. Condo sales fell by nearly 3 percent to 1,417.
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Dollar volume of closed single-family home sales increased by about 36 percent annually in August, up to $883.9 million. Condo dollar volume grew by 9.6 percent to $344.4 million.
Single-family home prices in Broward increased 12.5 percent to $416,000, and condo prices jumped to $199,900, a 13.2 percent increase compared to August of last year.
Palm Beach
Residential sales in Palm Beach County totaled 3,014, an 11.3 percent increase. Single-family home sales surged to 1,814, a 15.8 percent jump compared to last year. Condo sales also grew, up 5.2 percent to 1,200.
Single-family dollar volume increased 47.1 percent to $1.2 billion, and condo dollar volume was even, at $366.4 million.
Single-family home prices increased 12.4 percent to $399,000, while condo prices rose by 17.8 percent to $215,000.