South Florida home sales soar in October
All three counties experienced double-digit jumps in total sales
Residential sales surged for a second straight month throughout South Florida.
Total home sales across the region reached nearly $4.6 billion in October, according to the Miami Association of Realtors.
Miami-Dade, Broward and Palm Beach counties all experienced double-digit jumps in sales, year-over-year, just as they did in September.
Sales dollar volume also soared last month, spiking by nearly 80 percent, year-over-year, in Palm Beach County.
While the months of supply for single-family homes decreased in Miami-Dade, Broward and Palm Beach counties, the months of inventory of condos increased in Miami-Dade and Broward counties. Pricing continued to rise across the tri-county area.
Residential sales rose 16.2 percent in Miami-Dade County last month, year-over-year, to 2,737 closings. Single-family home sales increased 15.7 percent to 1,326. Condo sales rose 16.7 percent to 1,411.
Closed dollar volume of single-family homes climbed 75.5 percent, to $988.3 million. Condo sales volume totaled $549.9 million, up 19.4 percent.
Median prices of single-family homes rose 19.2 percent, year-over-year, to $435,000, while condo prices increased 8.5 percent to $268,000.
Total home sales jumped 23.1 percent, year-over-year, to 3,241. Single-family home sales rose 23.2 percent to 1,656, while condo sales increased 23.1 percent to 1,585 closings in October.
Single-family dollar volume surged by 49.4 percent to $913.4 million. Condo dollar volume rose 41.2 percent, year-over-year, to $385.3 million.
Prices also continued to increase in Broward, with the median single-family home price rising 14.6 percent to $415,000, and the median condo price rising 12.5 percent to $189,000.
Residential sales jumped 34 percent, year-over-year in Palm Beach County in October, to 3,233 closings. Single-family home sales rose 32.8 percent to 1,818, and condo sales climbed 35.7 percent to 1,415.
Single-family home dollar volume surged by 79.8 percent, year-over-year, to $1.3 billion. Condo dollar volume rose 55.2 percent to $440.7 million.
Single-family home prices increased 17 percent to $420,000, and condo prices rose 22.7 percent to $211,000.