Residential sales fall 30% across South Florida

The residential market in South Florida continued to take a beating in October.

Residential closings fell nearly 30 percent, year-over-year, across Miami-Dade, Broward and Palm Beach counties to 6,216 sales, according to the Miami Association of Realtors, which only tracks sales recorded on the Multiple Listing Service. That follows a 20 percent drop in August and a 25 percent drop in September as the Federal Reserve continues to hike interest rates in its attempt to tamp historic inflation.

Closed dollar volume fell 20 percent to $4 billion in October across the tri-county region, compared to the $5 billion recorded in October of last year.

Median prices continued to rise in all three counties.

Miami-Dade County

Residential sales in Miami-Dade County fell 31 percent in October to 2,067 closings. Single-family home sales decreased 24 percent to 884, while condo sales declined 35 percent to 1,183, according to the report.

The median price of single-family homes grew 17 percent annually to $575,000, and the median price of condos grew 19 percent to more than $388,000.

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Total dollar volume of sales reached $1.6 billion, according to the realtors’ association. Single-family home dollar volume fell 13 percent to $870 million, and condo dollar volume decreased 22 percent to $748 million.

Broward County

In Broward, residential closings last month decreased 25 percent, year-over-year, to 2,222 sales. Single-family home sales fell 27 percent to 1,011, while condo sales declined 23 percent to 1,211 closings.

The median price of single-family homes rose 10 percent to $540,000, while the median price of condos grew 15 percent to $262,000.

Dollar volume countywide totaled $1.1 billion. Single-family home dollar volume fell 23 percent, year-over-year, to $701 million, while condo dollar volume fell 14 percent to $405 million.

Palm Beach County

Residential sales in Palm Beach County declined 31 percent, year-over-year, to 1,927 closings. Single-family home sales decreased 29 percent to 1,049 sales, and condo sales dropped 34 percent to 878 closings.

The median price of single-family homes grew 14 percent annually to $570,000, and the median price of condos rose 22 percent to $290,000.

Dollar volume reached $1.3 billion in Palm Beach County in October. Single-family home dollar volume dropped 18 percent to $973 million. Condo dollar volume decreased 26 percent to $347 million.