South Florida March 2023 Home Sales Fall, Prices Rise

South Florida home sales fell again in March, as median prices kept rising or remained flat across the tri-county region.

Dollar volume for single-family and condo sales totaled $5.6 billion, down about 30 percent, compared to March 2022, according to the Miami Association of Realtors. Sales have been falling for nearly a year, as mortgage rates more than doubled and inventory remains at pre-pandemic lows.

Sellers have started to catch on, and some are slashing their prices, brokers say.

Miami-Dade County

Residential sales dropped 36 percent, year-over-year, to 2,513 closings last month in Miami-Dade County. Single-family home sales fell 22.5 percent to 1,093 closings. Condo sales, which include townhouses, took a bigger tumble, declining 44 percent to 1,420.

The median price for single-family homes rose nearly 6 percent to $570,000. The median price for condos was flat at $400,000.

Residential dollar volume totaled $2.1 billion. Single-family dollar volume decreased 31 percent to $993 million, and condo dollar volume fell 44 percent to $1.1 billion.

Broward County

Residential sales in Broward County decreased 24 percent, year-over-year, to 2,813 closings in March. Single-family home sales fell 17.5 percent to 1,271 closings, while condo sales declined 29 percent to 1,542 sales, according to the Miami Association of Realtors.

Prices kept rising. The median price for single-family homes increased about 4 percent to $565,000. The median condo price was up 13 percent to $269,500.

Dollar volume totaled $1.5 billion in Broward County, with single-family volume falling 21 percent to $978 million, and condo volume falling 38.5 percent to $540 million.

Palm Beach County

Residential sales dropped 15 percent, year-over-year, to 2,800 closings in Palm Beach County last month. Single-family home sales decreased 8 percent to 1,465. Condo sales declined 21 percent to 1,355 closings.

The median price for single-family homes grew to $575,000, up about 6 percent. For condos, it rose 6 percent to $312,000.

Dollar volume totaled $2 billion in March. Single-family home dollar volume fell 14 percent to $1.3 billion, while condo dollar volume declined 18 percent to $702 million.