Residential sales and dollar volume fell across South Florida in June, while median prices continued to rise.
Total dollar volume for Miami-Dade, Broward and Palm Beach counties reached $5.7 billion, according to the Miami Association of Realtors, which tracks sales recorded in the Multiple Listing Service. That’s $920 million, or 14 percent, below the $6.6 billion in closed sales in June of last year. Dollar volume was also down 14 percent in May, year-over-year, equating to a $1 billion squeeze on the market.
While the pandemic’s dramatic surge in pricing has waned, all three South Florida markets still maintained price growth last month.
Miami-Dade County
Miami-Dade home sales fell 18 percent, year-over-year, to 2,364 in June, the biggest drop of all South Florida counties. Single-family home sales declined 12 percent to 1,004. Condo sales plummeted 22 percent to 1,360 sales.
Median prices for single-family homes grew 8 percent, year-over-year, to $622,500. Median condo prices increased 2 percent to $418,000.
Miami-Dade’s total dollar volume reached $1.98 billion last month. Single-family home dollar volume dropped 14 percent to $1 billion, and condo dollar volume plunged more than 25 percent to $941.7 million.
Broward County
Home sales in Broward County sank 14 percent in June, year-over-year, to 2,722. Single-family home sales fell 13 percent to 1,256, and existing condo sales dropped 16 percent to 1,466.
Both single-family homes and condos showed price growth in June. Single-family home median prices rose 4 percent to $615,000. Condo median prices swelled 6 percent to $280,000.
Broward’s total dollar volume reached $1.6 billion, the least of any South Florida county. Single-family home dollar volume fell 13 percent, year-over-year, to $1 billion, and condo dollar volume tumbled 20 percent to $530 million.
Read more
Residential
South Florida
South Florida resi sales volume drops by $1B in May
Residential
South Florida
Resi sales volume fell over 30% in April across South Florida
Residential
South Florida
South Florida’s resi sales volume falls 30% in March to under $6B
Palm Beach County
In Palm Beach County, total home sales slipped 3 percent, year-over-year, to 2,632. Single-family home sales fell at the same rate to 1,428, and condo sales decreased 4 percent to 1,204.
Palm Beach County saw moderate price growth in June. Single-family home prices rose 1 percent to $625,000. Condo median prices increased 4 percent to $325,000.
The county’s total dollar volume hit $2.1 billion, the most of any South Florida county in June. Dollar volume for single-family homes fell 13 percent to $1.5 billion, while condo dollar volume jumped 9 percent to $662 million.