Residential sales plunged in South Florida in July, falling by more than 50 percent in Miami-Dade County.
Median prices across South Florida kept rising compared to July of last year, though prices declined on a month-over-month basis in Miami-Dade and Palm Beach counties, according to reports from the Miami Association of Realtors. The reports typically exclude off-market deals and only cite closed sales on the Multiple Listing Service.
Sales have been on the decline as a result of rising interest rates. Across the country, home sales dropped for the sixth consecutive month in July.
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Here’s a look at what happened in South Florida:
Miami-Dade County
Residential sales tumbled in Miami-Dade to 2,375 closings, marking a 53 percent drop compared to July of last year. Single-family home sales fell 27 percent to 1,373; while condo sales decreased 39 percent to 1,376 closings.
The median price for single-family homes rose 11 percent, year-over-year, to $570,000; and up 12 percent for condos to $380,000. In June, the median price for houses was $579,000, and for condos it was $410,000, which could mean sellers are adjusting their expectations.
In July, dollar volume totaled $1.8 billion, down 28 percent, year-over-year. Single-family dollar volume fell 24 percent to $1.4 billion, while condo dollar volume decreased 39 percent to $789 million, dropping below the $1 billion mark.
Broward County
In Broward County, residential sales dropped 30 percent, year-over-year, to 2,575. Single-family home sales fell 28 percent to 1,213, while condo sales declined 32 percent to 1,362.
The median price of single-family homes rose 21 percent, year-over-year, to $600,000. The median price of condos grew 23 percent to $265,000. Compared to June, the median price of homes increased slightly and the median price of condos stayed flat.
Dollar volume declined 17 percent, year-over-year, to $1.4 billion, with a 15 percent drop in single-family dollar volume, to $1.1 billion. Condo dollar volume fell 16 percent to $491 million.
Palm Beach County
Residential sales fell 33 percent, year-over-year, in Palm Beach County to 2,222 closings. Single-family homes and condo sales each declined 33 percent, to 1,190 single-family sales and 1,032 condo sales.
The median price of single-family homes grew 20 percent, year-over-year, to $600,000, and the median price of condos rose 25 percent to just over $290,000. Both fell compared to June.
Dollar volume in July totaled $1.5 billion, a 28 percent annual decline. Single-family dollar volume decreased 22 percent to $1.1 billion, and condo dollar volume fell 27 percent to $410 million.