South Florida Residential Sales Volume Drops 10% in July

South Florida’s residential market continued its months-long slowdown in July.

Dollar volume in Miami-Dade, Broward and Palm Beach counties dropped 10 percent to $4.5 billion, down from $5 billion last July, according to Multiple Listing Service data collected by the Miami Association of Realtors.

Median prices for both single-family homes and condominiums also fell across the tri-county last month.

Miami-Dade County

In Miami-Dade County, total sales plunged 16 percent year-over-year to 1,782 closings in July. Single-family home sales dropped 15 percent to 861 deals. Condo closings plummeted 17 percent to 921 sales.

The median price for single-family home sales dipped 2 percent to $660,000. For condos, the median price fell 5 percent to $406,000.

Total dollar volume fell 8 percent to $1.8 billion. For single-family homes dollar volume dropped 9 percent to $1 billion. Condo dollar volume decreased 5 percent to $772 million.

Broward County

Broward County total sales dropped 7 percent year-over-year to 2,102 closings. Single-family home sales fell 7 percent to 1,055 deals. Condo closings slumped 8 percent to 1,047 sales.

The median price for single-family homes dipped 1 percent to $620,000. The median price for condos decreased 3 percent to $265,000.

Dollar volume for the county totaled $1.2 billion, down 7 percent from the year prior. Single-family home dollar volume shrank 6 percent to $869 million. For condos, dollar volume fell 9 percent to $361 million.

Palm Beach County

In Palm Beach County, total sales declined 5 percent year-over-year to 1,956 deals. Single-family home sales dipped 1 percent to 1,185 deals. Condo closings dove 12 percent to 771 sales.

For single-family homes, the median price fell 5 percent to $613,250, while the median price for condos dropped 6 percent to $300,500.

Total dollar volume slumped 11 percent to $1.5 billion. For single-family homes, dollar volume shrank 10 percent to $1.2 billion. Condo dollar volume dropped 14 percent to $354 million.