South Florida’s June resi sales drop by double digits

Dollar volume in tri-county region totaled $6.6B, down from $8B+ in June last year

(Illustration by The Real Deal with Getty Images)

Residential sales declined again across South Florida in June, with double-digit drops in Miami-Dade, Broward and Palm Beach counties.

Median prices of single-family homes, condos and townhomes continued rising, despite higher mortgage rates that pulled a number of buyers out of the market, according to the Miami Association of Realtors. Closed dollar volume in the tri-county region totaled $6.6 billion, down from more than $8 billion recorded in June 2021.

The slow month follows overall sales declines in April and May.

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Miami-Dade County

In Miami-Dade County, residential sales totaled 2,891, down 29 percent compared to June of last year. Single-family home sales fell 26 percent to 1,542 closings, while condo sales declined 30 percent to 1,752 closings.

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The median price of single-family homes in Miami-Dade rose nearly 16 percent to $579,000, and the median price of condos jumped about 21 percent to $410,000, according to the report.

Dollar volume totaled $2.5 billion, with single-family home dollar volume decreasing 17 percent to $1.2 billion, and condo dollar volume dropping 20 percent to $1.3 billion.

Broward County

Total home sales in Broward County decreased 23 percent, year-over-year, to 3,178. Single-family home sales declined 20 percent to 1,440 closings, while condo sales fell 25 percent to 1,738.

In Broward, the median price of single-family homes increased more than 18 percent to $590,000, while the median condo price rose 20 percent to $265,000, according to the realtors’ association.

Dollar volume in June totaled $1.8 billion. Single-family home dollar volume totaled $1.2 billion, down 8.5 percent, year over year. Condo dollar volume decreased 7 percent to $665 million.

Palm Beach County

Residential sales fell 32 percent, year-over-year, to 2,724 in Palm Beach County last month. Single-family home sales decreased 30.5 percent to 1,442, while condo sales declined about 35 percent to 1,252 closings.

The median price of single-family homes countywide climbed 24 percent to $620,000. For condos, it jumped about 32 percent to $312,500.

Total dollar volume fell to $2.3 billion in June, with single-family home dollar volume decreasing 20 percent to $1.7 billion, and condo dollar volume dropping 22.5 percent to $606 million.

Source: The Real Deal