Real estate sales in South Florida dropped by more than 20% in August

Real estate sales in South Florida dropped by more than 20% in August

In August, sales of residential properties in South Florida kept falling, as the growth of interest rates and property value prevented buyers from closing the deals. According to the Miami Association of Realtors that calculated the sales registered by Multiple Listing Services, the dollar value of transactions in Miami Dade, Broward, and Palm Beach Counties reached $4.7 billion.

Miami Dade County

The number of transactions in the Miami Dade housing market plummeted by 24% compared to last year, down to 2,505 transactions last month. According to the report, sales of single-family houses dropped by 21%, down to 1,032 transactions, while apartment sales reduced by 26%, down to 1,473 transactions.

The average value of single-family houses in Miami Dade County increased by 10%, up to over $551,000, while the average value of apartments grew by almost 12%, up to $375,000.

The dollar value of sales reached $1.8 billion, while dollar transactions with single-family houses reduced by 29%, down to $1 billion, and the dollar volume of transactions with apartments dropped by approximately the same amount, down to $802 million.

Broward County

In Broward, the number of transactions in the housing market reduced by 21% compared to the previous year, down to 2,700 transactions last month. Sales of single-family houses were affected the worst, plummeting by 26%, down to 1,202 transactions. Sales of apartments reduced by about 17%, down to 1,498 transactions.

The average value of a single-family house grew by 14%, up to $562,000, while the average value of apartments surged by 20.5%, up to $265,000.

The dollar value of transactions in Broward dropped to $1.4 billion last month. The dollar value of single-family house sales reduced by 20%, down to $896 million, while the dollar value of apartment sales fell by only 5.5%, down to $527 million.

Palm Beach County

The number of transactions in the housing market of Palm Beach was down by 25% compared to the previous year, with 2,310 transactions last month. Sales of single-family houses dropped by 20%, down to 1,292 transactions, while sales of apartments plummeted by 30%, down to 1,018 transactions.

The average value of single-family houses grew by about 18%, up to $565,000, while the average value of apartments surged by 25%, up to $291,000.

The dollar value of sales in Palm Beach County reached $1.5 billion. It fell by 13%, down to $1.1 billion for single-family houses and by 20%, down to $416 million, for apartments.

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