South Florida residential buyers kept their feet off the gas in July, though price growth continued for condos across the region.
Residential sales across Miami-Dade, Broward and Palm Beach counties continued to drop, according to the Miami Association of Realtors, which tracks sales recorded in the Multiple Listing Service. Dollar volume totaled $4.5 billion in July, down from $4.7 billion in July of last year.
Miami-Dade County
Miami-Dade single-family home sales fell 14 percent, year-over-year, to 2,051 transactions last month, the largest decline on a percentage basis in the three counties. Single-family home sales dropped 9 percent, to 910 sales, and condo sales took a 17 percent tumble to 1,141 in July.
The median price of single-family homes grew 11 percent, year-over-year, to $632,000. The median price of condos also rose 11 percent, to $420,000.
Total dollar volume across Miami-Dade’s residential transactions hit $1.6 billion in July. Dollar volume for single-family homes plunged 18 percent to $846 million and condo dollar volume dropped 5 percent to $746 million.
Broward County
In Broward County, residential sales shrunk 13 percent compared to July of last year, down to 2,238 closings. Single-family home and condo sales both fell 13 percent, to 1,052 closings and 1,186 sales, respectively.
The median price of single-family homes held steady at $600,000, while it rose 6 percent for condos to $280,000.
Total dollar volume for Broward County reached $1.2 billion. Dollar volume for single-family homes tumbled, down 12 percent year-over-year to $836 million. The total dollar volume for condos plummeted 19 percent to $399 million.
Palm Beach County
Residential sales in Palm Beach County dropped 5 percent, year-over-year, to 2,109 closings last month. Single-family home sales fell just 2 percent to 1,164 closings, and condo sales declined 8 percent in July to 945 sales.
Like in Broward County, the median price of single-family homes held steady, at $600,000. The median price of condos grew 8 percent to $315,000.
Palm Beach County reported $1.7 billion in closed dollar volume, the highest in South Florida. Dollar volume for single-family homes decreased 11 percent to $1.3 billion, and condo dollar volume slipped 10 percent to $450 million.