Home sales fall across South Florida, as prices rise. Median price growth continued slowing
Home sales fell again in February across South Florida, but home prices continued to rise in the tri-county region.
Residential sales declined about 34 percent last month, year-over-year, in Miami-Dade, Broward and Palm Beach counties, according to the Miami Association of Realtors. Dollar volume totaled about $3.7 billion, down 35 percent from February 2022.
Mortgage rate hikes, coupled with other economic factors, have propelled the slowdown. Recent bank failures are expected to create more uncertainty, though industry proponents have pointed to an immediate drop in mortgage rates.
Though price growth is slowing, median prices are still rising in South Florida, unlike in the rest of the country.
Residential closings dropped 40 percent in Miami-Dade County last month, year-over-year, to nearly 1,700 sales. Condo sales fell 47 percent to 965 closings, and single-family home sales declined 28 percent to 727 closings, according to the Miami Association of Realtors.
Dollar volume totaled $1.4 billion, with single-family dollar volume declining 27 percent to $706 million, and condo dollar volume falling 50 percent to $662.5 million.
The median price of single-family homes rose 3.5 percent, year-over-year, to $555,000. For condos, it grew just 2.6 percent to $390,000.
In Broward County, residential sales declined 32 percent, year-over-year, to 1,839 closings. Condo sales fell 32 percent to 1,006, and single-family home sales decreased nearly 31 percent to 833 closings.
The median price of single-family homes grew more in Broward than elsewhere in South Florida, year-over-year, up 8 percent to $560,000. Condo prices rose 13 percent to $272,000.
Total dollar volume was $954 million. Single-family home dollar volume declined 30 percent to $615 million, and condo dollar volume decreased 34 percent to $339 million.
Palm Beach County
Residential sales in Palm Beach County decreased 30 percent to 1,794 sales. Condo sales fell 38 percent, year-over-year, to 1,321, while single-family home sales declined 21 percent to 975 closings.
The median price of single-family homes reached about $550,000, up 2.7 percent. The median price of condos grew 9.1 percent to $300,000.
Dollar volume in Palm Beach County totaled $1.3 billion last month. Single-family home dollar volume fell 29 percent to $888 million, and condo dollar volume declined 36 percent to $422 million.