South Florida resi sales continue to tumble in July

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.