The South Florida residential market continued to slow in May, with total sales down $1 billion, or 14%, from a year earlier.
The tri-county area saw a decline in both transaction volume and value, according to the Miami Association of Realtors, which tracks sales recorded by the Multiple Listing Service. Even though price growth is slowing, median single-family home prices continue to rise in Miami-Dade and Palm Beach counties. It falls to Broward.
Transactions in Miami-Dade, Broward and Palm Beach totaled $6 billion, down 14 percent from the $7 billion recorded last May.
Miami-Dade County
Home sales in Miami-Dade County fell 25% to 2,412 sales. Single-family home sales fell 13% to 1,040 units. Condo sales plummeted 32% to 1,372 last month.
The median price for a single-family home rose nearly 8 percent year-over-year to $620,000. The median price of a condo has stagnated at $415,000, according to the Miami Association of Realtors.
Transaction volume in Miami-Dade County totaled $2.1 billion in May. Single-family home sales fell 17% year-over-year to $1.1 billion, and apartment sales fell 35% year-over-year to $983 million.
broward
Broward County home sales fell 14% year-over-year to 2,772 in May. Sales of single-family homes fell 13% to 1,252 and condo sales fell 15% to 1,520.
The median price for a single-family home fell slightly, down 0.2 percent to $585,000. The median price of a condo rose 7 percent to $270,000.
Broward’s dollar volume reached $1.5 billion in May. Sales of single-family homes and condominiums fell 18%, with single-family home sales falling to $976 million and condominium sales falling to $558 million.
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palm beach county
Home sales in Palm Beach County fell 6% to 2,775 in May.
Sales of single-family homes fell 4% to 1,460 last month from a year earlier, while condo sales fell 8% to 1,315.
The median price for a single-family home rose just over 1 percent to $622,500. The median existing condo price rose 2 percent to $315,000.
In May 2023, Palm Beach’s sales totaled $2.4 billion. Single-family home sales soared 11% year-over-year to $1.7 billion. Condo volume fell 7% to $692 million.
