South Florida resi sales volume drops by $1B in May

Median price of single-family homes fell slightly in Broward, rose in Miami-Dade, Palm Beach counties

(Photo Illustration by The Real Deal with Getty)
(Photo Illustration by The Real Deal with Getty)

The residential slowdown continued in May across South Florida, with total dollar volume dropping $1 billion, or 14 percent, from the year prior.

Transaction and dollar volume was down in the tri-county region, according to the Miami Association of Realtors, which tracks sales recorded on the Multiple Listing Service. Though price growth is slowing, the median price of single-family homes continued to rise in Miami-Dade and Palm Beach counties. It fell in Broward. 

Total dollar volume from transactions across Miami-Dade, Broward and Palm Beach reached $6 billion, down 14 percent from the $7 billion in sales closed in May last year. 


Home sales in Miami-Dade fell 25 percent to 2,412 closings. Single-family home sales dropped 13 percent to 1,040. Condo sales plummeted, falling 32 percent to 1,372 last month.

The median price of single-family homes grew nearly 8 percent year-over-year, climbing to $620,000. The median price of condos was stagnant at $415,000, according to the Miami Association of Realtors. 

Closed dollar volume in Miami-Dade totaled $2.1 billion in May. Single-family home dollar volume fell 17 percent to $1.1 billion, and condo dollar volume experienced a 35 percent annual decline to $983 million.


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Residential sales in Broward County shrunk 14 percent year-over-year to 2,772 closings in May. Single-family home sales declined 13 percent to 1,252, and condo sales fell 15 percent to 1,520.

The median price of single-family homes decreased slightly, down 0.2 percent to $585,000. The median price of condos climbed 7 percent to $270,000.

Dollar volume in Broward reached $1.5 billion in May. It dropped 18 percent for single-family homes and condos, down to $976 million for single-family home sales, and to $558 million for condos. 

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Palm Beach County 

Residential sales in Palm Beach County decreased 6 percent in May to 2,775. 

Single-family home sales fell 4 percent year-over-year to 1,460, while condo sales declined 8 percent to 1,315 last month.

Single-family home median prices grew just over 1 percent to $622,500. Existing condo median prices climbed 2 percent, reaching $315,000.

Palm Beach dollar volume totaled $2.4 billion in May 2023. Single-family home dollar volume surged 11 percent, year-over-year, to $1.7 billion. Condo dollar volume declined 7 percent to $692 million.