South Florida’s residential real estate market experienced a decline in July, with total sales volume across Miami-Dade, Broward, and Palm Beach counties dropping 10 percent to $4.5 billion compared to $5 billion in July of the previous year. The figures are based on Multiple Listing Service data collected by the Miami Association of Realtors.
Median sale prices for both single-family homes and condominiums decreased throughout the region during the month.
In Miami-Dade County, overall residential sales fell 16 percent year-over-year to 1,782 closings. Single-family home transactions were down 15 percent at 861 deals, while condo closings declined 17 percent to 921 sales. The median price for single-family homes slipped by 2 percent to $660,000. Condominiums saw a median price decrease of 5 percent to $406,000.
Total dollar volume in Miami-Dade dropped by 8 percent to $1.8 billion. Single-family home dollar volume fell by 9 percent to $1 billion, and condo dollar volume was down by 5 percent at $772 million.
Broward County also recorded a drop in activity: total sales decreased by 7 percent year-over-year with 2,102 closings reported. Sales of single-family homes fell by the same margin to reach 1,055 deals; condominium closings were down by 8 percent at 1,047 sales. Median prices showed modest declines—single-family homes dipped by 1 percent to $620,000 and condos dropped by 3 percent to $265,000.
The county’s overall dollar volume stood at $1.2 billion—a decrease of 7 percent from last year. Dollar volume for single-family homes shrank by 6 percent ($869 million), while condos saw a decline of 9 percent ($361 million).
Palm Beach County posted a total sales drop of five percent year-over-year with a total of 1,956 deals closed in July. Single-family home sales dipped slightly (down one percent) at 1,185 deals; condo closings dropped more sharply—by twelve percent—to reach just over seven hundred seventy transactions.
Median prices continued their downward trend in Palm Beach as well: single-family home values declined five percent ($613,250), while condos were down six percent ($300,500). Overall dollar volume for the county slumped eleven percent ($1.5 billion). For single-family homes specifically, dollar volume shrank ten percent ($1.2 billion); condo dollar volume dropped fourteen percent ($354 million).
This data highlights an ongoing slowdown that has affected South Florida’s residential property market over recent months.
