Residential sales fall in April across South Florida

Pricing surged as sales took a plunge across tri-county region

Residential sales fall in Southern Florida
(iStock / Photo illustration by Priyanka Modi)

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.

Miami-Dade County

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.

Sign Up for the undefined Newsletter

Read more

Residential
South Florida
Home sales, prices continue rising across South Florida
Residential
South Florida
Lack of inventory limits South Florida resi sales as prices rise: Elliman
Residential
South Florida
Home prices notched record-shattering growth in 2021, but slowdown is likely

Broward County

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.