South Florida snaps streak of record home prices. Is this the beginning of a new trend?
South Florida’s monthly streak of record-breaking home prices ended in August, but price tags still remain significantly higher than a year ago.
Miami-Dade County recorded a median sales price last month of $620,000 for single-family homes and $416,000 for condominiums, according to the monthly housing report the Miami Association of Realtors released Thursday. It’s the first dip in monthly sales prices in nearly a year. House prices have inflated since December 2022 when the median was $530,900.
In Broward County, single-family house prices stayed last month at July’s median of $600,000.
Total annual home sales plunged again in August. Miami-Dade had 2,178 deals, a 13% drop from 2,505 in August 2022. Broward had 2,410 transactions, down 11% from 2,700 transactions a year ago. Cash remains king to buy a home in the region. Last month, Broward saw 38% of its home sales close with cash, and in Miami-Dade it was slightly higher at 40%. That’s nearly double the national average of 27% cash homebuyers. Tight supply of homes for sale in South Florida slightly improved in August, but remains much tighter than the six to nine months needed for a balanced housing market. Miami-Dade in August had 3.5 months of single-family houses on the market and 5.4 months of condos. Broward, meanwhile, had 2.8 months of houses and 3.8 months of condos.
Source: Miamiherald.com / Sep 22, 2023 |
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