South Florida resi sales, dollar volume drop in August 

Total dollar volume in the tri-county region hit $4.5B, down from $4.9B the same month last year

South Florida Resi Sales, Dollar Volume Drop August 2024
(Illustration by the Real Deal with Getty)

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

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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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