South Florida’s residential real estate market saw a continued slowdown in July, with sales and prices declining across Miami-Dade, Broward, and Palm Beach counties. According to data from the Multiple Listing Service collected by the Miami Association of Realtors, the region’s total dollar volume for residential sales fell 10 percent year-over-year to $4.5 billion, down from $5 billion in July last year.
In Miami-Dade County, overall sales dropped 16 percent compared to July of last year, totaling 1,782 closings. Single-family home transactions decreased by 15 percent to 861 deals while condominium closings fell 17 percent to 921 sales. The median price for single-family homes dipped by 2 percent to $660,000. Condominium median prices declined by 5 percent to $406,000. The county’s total dollar volume was down 8 percent at $1.8 billion; single-family home dollar volume fell 9 percent to $1 billion and condo dollar volume dropped 5 percent to $772 million.
Broward County also experienced declines in activity. Total sales there fell by 7 percent year-over-year with 2,102 closings recorded in July. Single-family home sales were down by the same percentage at 1,055 deals while condo closings slipped by 8 percent to reach 1,047 sales. The median price for single-family homes declined slightly by one percent to $620,000; condos saw a decrease of three percent with a new median price of $265,000. Dollar volume in Broward totaled $1.2 billion—a drop of seven percent compared with last year—with single-family home dollar volume shrinking six percent to $869 million and condo dollar volume falling nine percent to $361 million.
Palm Beach County reported similar trends as overall residential sales dropped five percent year-over-year with a total of 1,956 deals completed last month. Single-family home transactions dipped just one percent (to 1,185 deals), but condo closings dropped more sharply—down twelve percent—to reach only 771 sales for the month. Median prices also decreased: single-family homes were down five percent at $613,250 and condos were off six percent at a median price of $300,500. Total residential dollar volume slumped eleven percent year-over-year at $1.5 billion; single-family homes accounted for most of that sum but still saw a ten-percent decline ($1.2 billion) while condo dollar volume dropped fourteen-percent ($354 million).
The declines come after several months of slowing activity across South Florida’s housing market.
