Condo and home sales in South Florida posted year-over-year declines in July, with the exception of Miami’s existing condo market.
Closed sales fell in Broward and Palm Beach counties, and increased less than 1 percent in Miami-Dade due to rising condo sales. In recent months, annual sales have dropped in Broward, but risen in Miami-Dade and Palm Beach.
Prices of single-family homes rose in all three counties, according to the Miami, Greater Fort Lauderdale and Palm Beaches Realtors’ associations.
Across the country, home sales dropped to their lowest pace for the year last month, hitting a seasonally adjusted rate of 5.44 million, a decline of 1.3 percent.
Miami-Dade
Residential sales in Miami-Dade budged forward in July, increasing 0.8 percent to 2,249 from 2,232. That’s thanks to a 2.5 percent growth in condo sales to 1,132 from 1,104 closings in July.
Single-family home sales fell to 1,117, 1 percent less than the 1,128 closings a year ago. In all, condos and homes sold for a combined $961.1 million sales volume last month, according to the Miami Association of Realtors.
July marked the 68th consecutive month single-family home prices have risen in the county. Prices were up 12 percent to $335,000 from $299,000. Condo prices stagnated at $225,000.
Broward
Single-family home and condo sales fell last month in Broward County by 2 percent to 2,839 closings from 2,899 closings the previous year. The share of cash sales also saw an annual decline: cash sales dropped 13 percent, from 1,207 to 1,052, according to the report.
Condo sales fell 2.7 percent in July to 1,346 from 1,384. Home sales decreased by 1.5 percent, a difference of 22 closings, to 1,493 from 1,515 in July 2016.
Meanwhile, the inventory of single-family homes and condos fell slightly in Broward. The county had 5,351 active listings of houses in July, down 1.6 percent from 5,437 the previous year; and 7,886 condos on the market last month, a 4.9 percent decline from the nearly 8,300 units on the market a year ago.
Prices increased 9.4 percent for single-family homes – up to $350,000 – and 9.3 percent for condos, up to $158,000.
Palm Beach
In Palm Beach, closed sales totaled 1,509 in July, marking a 1.6 percent decrease compared to the previous year. Luxury home sales fell more dramatically – by 10.5 percent – compared to the increase in home sales priced from $400,000 to just under $600,000.
Inventory increased 1.9 percent to 7,086 homes, according to the Realtors of the Palm Beaches and Greater Fort Lauderdale. Palm Beach has 4.8 months of supply.
Prices are still on the rise. The median price of single-family homes increased 6 percent to $336,000.