Home sales fell across South Florida in September, while dollar volume and prices rose.
Total volume for the tri-county region hit $4.5 billion last month, up from $4.2 billion in September of last year, according to Multiple Listing Service data collected by the Miami Association of Realtors. The jump equates to a 7 percent growth rate, year-over-year.
Still, home sales continued to drop in all three counties, with larger declines in Miami-Dade and Broward counties’ condo markets. September’s results follow a trend of price growth and slowing sales after years of a pandemic-fueled boom in the tri-county area.
Miami-Dade County
Home sales across Miami-Dade County fell 9 percent, year-over-year, in September to 1,984 sales. Single-family home sales saw a 3 percent decline to 869 sales. Condo sales plummeted 17 percent to 1,090 sales.
Median prices for single-family homes grew 6 percent to $600,000. For condos, median prices jumped 5 percent to $415,000.
Total dollar volume reached $1.7 billion in September. Dollar volume for single-family homes climbed 29 percent annually, to $983 million, while dollar volume for condos fell 18 percent to $684 million.
Broward County
Broward home sales shrank 7 percent, year-over-year, to 2,178 sales. Single-family home sales declined 2 percent, to 1,056 closings, and condo sales saw a 15 percent squeeze, falling to 1,122 sales.
The median price of single-family homes rose 7 percent, to $602,000. Condo prices grew 2 percent, reaching $309,900.
Broward’s total dollar volume hit $1.4 billion. Single-family dollar volume jumped 5 percent annually to $941 million. Dollar volume for condos plunged 21 percent to $416 million.
Palm Beach County
In Palm Beach County, total home sales shrank to 2,028 closings, a 4 percent year-over-year contraction. For single-family homes, sales fell 6 percent to 1,102, while condo sales fell 1 percent to 926.
Median prices grew for both single-family homes and condos. Single-family home prices saw a 3 percent annual uptick to $600,000, and condo prices jumped 7 percent to $309,900.
Dollar volume in the county totaled $1.4 billion in September. Single-family dollar volume increased 4 percent, reaching $1 billion. Dollar volume for condos ballooned to $430 million, a 16 percent jump.