November home sales fall in Miami-Dade and Broward, rise in Palm Beach
Miami-Dade and Broward counties reported fewer annual home sales in November, while Palm Beach County’s residential market bounced back. Home prices are also still on the rise in all three counties, according to Florida Realtors.
Residential sales dropped 4.3 percent year-over-year in Miami-Dade last month to 1,912 closings from 1,997. Single-family home sales are responsible for the decline: They fell by 7.6 percent to 947 from 1,025 yea-over-year. Condo sales, meanwhile, were nearly flat, falling 0.7 percent to 965 closings in November.
The median price of single-family homes rose to $330,000, a 6.5 percent increase, from $310,000 in November 2016. Last month marked the 72nd consecutive month home prices have been on the rise in Miami. The median condo price rose 5.9 percent to $230,000.
Residential sales were down 4 percent, to 2,359 closings, in November thanks to a big drop in single-family home sales.
Condo sales actually increased 3.6 percent year-over-year to 1,244 closings, while single-family closings fell 11.3 percent, to 1,115 from 1,257 in November 2016.
The median price of single-family homes jumped 10.1 percent to $350,000, and the median condo price saw an annual increase of 10.3 percent to $160,000.
Palm Beach County separated itself from Miami and Broward with an overall annual increase in residential sales. Condo and home sales inched upward by just over 3 percent, bringing the total in November to 2,201 closings.
Home sales increased 1.5 percent to 1,243 closings, and condo sales rose 5.9 percent to 958.
Median prices jumped 10 percent for single-family homes to $330,000, and increased 7.5 percent for condos to $172,000.
Source: The Real Deal