Home sales fall over 20% in August across South Florida

South Florida home sales continued falling in August, as rising rates and still-growing prices kept buyers on the sidelines.

Closed dollar volume across Miami-Dade, Broward and Palm Beach counties totaled $4.7 billion, according to the Miami Association of Realtors, which counts sales recorded on the Multiple Listing Service. Residential sales have been on the decline, as mortgage rates continue to rise and affordability continues to be a major issue for buyers.

Miami-Dade County

Residential sales fell 24 percent, year-over-year, to 2,505 closings last month. Single-family home sales dropped 21 percent to 1,032, while condo sales decreased 26 percent to 1,473, according to the report.

The median price of single-family homes in Miami-Dade County grew 10 percent to more than $551,000, while the median price of condos increased nearly 12 percent to $375,000.

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Dollar volume totaled $1.8 billion, with single-family home dollar volume declining 29 percent to $1 billion, and condo dollar volume falling by about the same percentage to $802 million.

Broward County

Home and condo sales fell 21 percent, year-over-year, to 2,700 closings in Broward County. Single-family home sales took a bigger hit, dropping 26 percent to 1,202 sales. Condo sales declined about 17 percent to 1,498 closings.

The median price of single-family homes increased about 14 percent to $562,500, while the median price of condos rose 20.5 percent to $265,000.

In Broward, total dollar volume fell to $1.4 billion last month. Single-family home dollar volume declined 20 percent to $896 million, and condo dollar volume decreased 5.5 percent to $527 million.

Palm Beach County

Residential sales fell 25 percent, year-over-year, to 2,310 closings in Palm Beach County last month.

Single-family home sales declined 20 percent to 1,292 closings, and condo sales plummeted 30 percent to 1,018 closed sales in August, according to the reports.

The median price of single-family homes grew 18 percent to $565,000, while the median price of condos jumped 25 percent to $291,000.

Dollar volume across Palm Beach County totaled $1.5 billion, with single-family home dollar volume dropping 13 percent to $1.1 billion, and condo dollar volume dropping about 20 percent to $416 million.