South Florida’s residential market has been slowing for months, and June was no exception.
Sales fell in June, year-over-year, as dollar volume for Miami-Dade, Broward and Palm Beach counties dropped to $4.8 billion from $5.3 billion in June of last year, according to Multiple Listing Service data collected by the Miami Association of Realtors. That equates to a 9 percent drop for the tri-county region.
Miami-Dade County was the only market to show price growth, with median prices falling for both single-family homes and condos in Broward and Palm Beach counties.
Miami-Dade County
In Miami-Dade County, total sales fell 10 percent, year-over-year, to 1,843 closings in June. Single-family deals dropped 7 percent to 898 sales. Condo closings plunged 13 percent to 945.
The median price for condos rose 6 percent to $450,000, and the median price for single-family homes grew 2 percent to $670,000.
Total dollar volume for the county sank 13 percent to $1.8 billion. For single-family homes, dollar volume decreased 13 percent to $1 billion. Condo dollar volume slumped 14 percent to $715 million.
Broward County
Total sales in Broward County dropped 12 percent, year-over-year, to 1,938. Single-family closings fell 10 percent to 1,030. Condo deals plunged 15 percent to 908.
The median price for condos shrank 6 percent to $270,000. For single-family homes, the median price dipped 2 percent to $630,000.
Total dollar volume in the county dropped 10 percent to $1.2 billion. Single-family dollar volume fell 6 percent to $888 million. For condos, dollar volume plummeted 19 percent to $329 million.
Palm Beach County
In Palm Beach County, total sales dipped 6 percent, year-over-year, to 2,008. Single-family closings slumped 7 percent to 1,187 sales. Condo deals fell 5 percent to 821 closings.
The median price for condos dipped 3 percent to $315,000. The median price for single-family homes shrank 5 percent to $626,000.
Across the county, total dollar volume dropped 7 percent to $1.8 billion. For single-family homes, dollar volume fell 7 percent to $1.4 billion. Condo dollar volume sank 9 percent to $420 million.
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