Home sales fell in April across South Florida, as interest rates continue to climb.
Sales of single-family homes, condos and townhouses dropped in Miami-Dade, Broward and Palm Beach counties, as median prices kept growing, according to the Miami Association of Realtors.
The residential market has been on fire – to varying degrees of intensity depending on the price point and city – for nearly two years, since the pandemic began. But rising interest rates, prices and limited inventory of single-family homes likely resulted in the decreases, according to the realtors association’s reports.
Residential sales fell 13 percent in Miami-Dade County in April, compared to the same month last year. Condo sales, which had been picking up steam for months, decreased 7.4 percent to 2,199 closings last month. Single-family home sales plunged 21 percent to 1,246 sales.
The median price of single-family homes rose to $565,000, up nearly 10 percent, year-over-year. For condos, the median price experienced a more dramatic jump, up 20 percent to $390,000.
Residential sales in Broward decreased 13 percent to 3,489 closings. Condo sales declined 11 percent to 1,980 closings, and single-family home sales fell 15 percent to 1,509 closings.
The median price of single-family homes climbed 21 percent to $560,000, close to pricing in Miami-Dade. For condos, the median price rose 11 percent to $245,000.
Palm Beach County
Total home sales dropped 26 percent to 2,956 closings in Palm Beach County last month. Condo sales fell 27 percent, year-over-year, to 1,472, while single-family home sales declined 25 percent to 1,484.
The median price of single-family homes jumped 29 percent to $601,000. The median price of condos rose 22 percent to $293,500.