SOUTH FLORIDA
Home Sales Down, Average Price Up
Home sales are down 9.6% year over year, with August 2024 at 6,243 compared to 6,903 last August. Sales are down across all categories.
- Single families: 3,375 (2023) | 3,238 (2024)
- Condos & Townhomes: 3,528 (2023) | 3,005 (2024)
Average sale price increased 1.3% year-over-year, now at $705,890 compared to $696,768 in August 2023. Prices increased for single-family homes and decreased for condos.
- Single families: $906,952 (2023) | $920,511 (2024)
- Condos & Townhomes: $495,700 (2023) | $474,629 (2024)
Homes Listed For Sale in South Florida:
The number of homes listed is up by7.4% when compared to August 2023.
- 2024: 10,427
- 2023: 9,710
- 2022: 10,368
Pending Home Sales in South Florida:
The number of homes placed under contract is down by 14.8% when compared to August 2023.
- 2024: 10,427
- 2023: 9,710
- 2022: 10,368
August 2024 Home Data by County
Housing Data for Broward County, Miami-Dade County, Palm Beach County.
Market data provided by SunStats then compared to the prior year.
What’s Happening in the South Florida Market?
- Following along with national housing market trends for the month, South Florida saw a decrease in home sales when compared to this time last year.
- There were minimal fluctuations in mortgage rates in the month of August. According to Mortgage Daily News, rates remained within the 6.4% to 6.6% range. Then, in early September, we saw them drop to the lowest rate since February 2023 at 6.1%. Due to the Federal Reserve’s recent 0.5% rate cut, we can anticipate a potential further decline as the year progresses.
- In South Florida, stricter regulations for townhomes and condos have caused costs to rise for current owners. As a result, many buyers find these associations outside of their budget. This situation is leading to more properties being listed, and a decrease in pending sales, which in turn is raising inventory.
- With inventory rising, and demand decreasing the average selling price of single-family homes and townhomes/condos is experiencing a decline.