South Florida home sales fall in September, while prices rise 

Total dollar volume reached $4.5B across the tri-county region

South Florida Homes Sales Fall in September 2023
(Illustration by The Real Deal with Getty)

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.  

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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.