Residential real estate sales and dollar volume in South Florida declined in August, reflecting a continued slowdown in the market. According to data from the Multiple Listing Service collected by the Miami Association of Realtors, the combined dollar volume for Miami-Dade, Broward, and Palm Beach counties decreased by 4 percent to $4.3 billion compared to $4.5 billion in August of last year.
In Miami-Dade County, total residential sales dropped 11 percent year-over-year to 1,788 transactions. Single-family home sales fell by 8 percent to 964 closings, while condo closings saw a sharper decline of 13 percent to 903 units. Despite fewer transactions, single-family home prices increased by 2 percent to a median of $655,000. Condo median prices dipped slightly by 1 percent to $410,000. The county’s overall dollar volume was $1.7 billion; single-family homes accounted for $1 billion (up 2 percent), but condo dollar volume decreased by 2 percent to $671 million.
Broward County experienced a similar trend with total sales down 12 percent year-over-year at 1,989 closings. Single-family home transactions were down by 13 percent at 1,015 deals and condos decreased by 12 percent at 974 closings. The median price for single-family homes rose by 3 percent to $625,000 but dropped for condos by 10 percent to $247,700. The total dollar volume reached $1.2 billion; single-family homes contributed $859 million (down 4 percent) and condos brought in $315 million (down 15 percent).
Palm Beach County saw a smaller decrease in total sales at just under one percent year-over-year with 1,955 closings. Notably, single-family home sales rose by two percent to reach 1,135 deals while condo sales fell four percent with only 820 transactions completed during the month. Median prices followed regional trends: up two percent for single-family homes ($630,000) but down ten percent for condos ($285,000). Total dollar volume amounted to $1.4 billion—single-family homes increased one percent ($1.1 billion), whereas condo volume dropped seven percent ($347 million).
These figures indicate that although overall transaction numbers are declining across South Florida’s major counties, price growth continues for single-family homes even as the market softens.
