South Florida’s residential market slumped in August, with sales and dollar volume dropping across the region.
Yet, single-family home prices continued to climb in Miami-Dade, Broward and Palm Beach counties, according to Multiple Listing Service data collected by the Miami Association of Realtors.
Dollar volume totaled $4.5 billion in the tri-county region, down 8 percent from $4.9 billion in August of last year.
Miami-Dade County
Total residential sales in Miami-Dade County fell 8 percent, year-over-year, to 2,002 closings. Single-family home sales dipped 2 percent to 964. Condo sales plunged 16 percent to 1,038.
The median price for single-family homes rose 3 percent to $640,000, and the median price for condos held even at $415,000.
Dollar volume in the county totaled $1.7 billion. Single-family home sales dollar volume stayed steady at $1 billion, and condo sales dollar volume plunged 20 percent to $682 million.
Broward County
Broward County total residential sales fell 6 percent, year-over-year, to 2,270. Single-family home sales dropped 1 percent to 1,161, and condo sales slumped 10 percent to 1,109.
The median price for single-family homes ticked up 1 percent to $606,000. For condos, the median price held even at $275,000.
Total dollar volume in the county reached $1.3 billion. Dollar volume for single-family home sales rose 5 percent to $894 million. For condos, dollar volume shrank 11 percent and totaled $370 million.
Palm Beach County
Total residential sales in Palm Beach County plunged 15 percent in August, year-over-year, to 1,971 closings. Single-family home sales fell 11 percent to 1,113. Condo sales saw a 20 percent haircut to 858.
The median price for single-family homes rose 2 percent to $617,500, and rose 3 percent for condos to $315,000.
Dollar volume in the county totaled $1.5 billion. Dollar volume for single-family home sales dipped 3 percent to $1.1 billion. Dollar volume for condo sales nosedived 22 percent to $372 million.
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