South Florida resi sales down, dollar volume up in May

Sales dropped, but dollar volume and prices rose across South Florida in May.

The decline in sales, year-over-year, follows an April rally, according to data collected by the Miami Association of Realtors. Dollar volume reached $6.1 billion last month, up from $6 billion in May of last year. 

Median prices continued to jump in May for both single-family homes and condos throughout the tri-county region.

Miami-Dade County

Total home sales in Miami-Dade County dropped 1 percent, year-over-year, to 2,397 closings. Single-family home sales rose 6 percent to 1,102, while condo sales fell 6 percent to 1,295.

Median prices for single-family homes increased 6 percent to $650,000. Condo median prices grew 2 percent to $425,000. 

Total dollar volume reached $2.2 billion for the county. Dollar volume for single-family homes surged 22 percent to $1.3 billion, while dollar volume for condos sank 4 percent to $943 million. 

Broward County

Broward County total home sales fell 7 percent, year-over-year, to 2,583 in May. Single-family home sales held steady at 1,249 closings. Condo sales plunged 12 percent to 1,334 deals.

Single-family home median prices swelled 7 percent to $625,000. Median prices for condos grew 4 percent to $282,000.

Dollar volume for Broward County totaled $1.5 billion in May. Single-family home dollar volume ballooned 10 percent, reaching $1 billion. Condo dollar volume slumped 10 percent to $500 million.

Palm Beach County

Total home sales slowed in Palm Beach County, declining 7 percent, year-over-year, to 2,573 closings. Sales for single-family homes sank 1 percent to 1,460 deals. Sales for condos tumbled 14 percent to 1,134.

Median prices for single-family homes grew 4 percent to $645,000, and median prices for condos jumped 8 percent to $340,000. 

Dollar volume totaled $2.4 billion across the county. Dollar volume for single-family homes climbed 7 percent to $1.8 billion. For condos, it dropped 7 percent to $644 million.