South Florida’s residential real estate market saw a continued slowdown in July, with sales and prices declining across Miami-Dade, Broward, and Palm Beach counties. Data from the Multiple Listing Service, collected by the Miami Association of Realtors, showed that total dollar volume for residential sales in the region dropped 10 percent to $4.5 billion compared to $5 billion in July of last year.
Median prices for both single-family homes and condominiums decreased throughout the tri-county area during the month.
In Miami-Dade County, total residential sales were down 16 percent year-over-year, with 1,782 closings reported in July. Single-family home transactions fell by 15 percent to 861 deals, while condominium closings dropped 17 percent to 921 sales. The median price for single-family homes declined by 2 percent to $660,000. Condominiums saw a median price decrease of 5 percent to $406,000.
The county’s total dollar volume was down 8 percent at $1.8 billion. Single-family home dollar volume declined by 9 percent to $1 billion and condo dollar volume fell by 5 percent to $772 million.
Broward County experienced a similar trend as total sales fell by 7 percent year-over-year to 2,102 closings. Sales of single-family homes were down by 7 percent at 1,055 deals and condo closings dropped by 8 percent to reach 1,047 transactions. The median price for single-family homes dipped slightly by 1 percent to $620,000; condos saw a decrease of 3 percent with a new median price of $265,000.
Dollar volume in Broward totaled $1.2 billion—down from last year’s figures by about seven percent. The value of single-family home transactions shrank six percent to $869 million while condos registered a nine-percent drop in dollar volume at $361 million.
Palm Beach County also recorded lower activity: overall sales declined five percent year-over-year with a total of 1,956 deals closed in July. Single-family home sales dipped one percent (to 1,185) and condo closings decreased twelve percent (to 771). Median prices followed suit: single-family homes were down five percent ($613,250), while condos saw a six-percent drop ($300,500).
Total dollar volume in Palm Beach slumped eleven percent to $1.5 billion; single-family home values contracted ten percent ($1.2 billion), and condo values fell fourteen percent ($354 million).
