Price growth is slowing across three counties
After a rough first quarter, residential sales in Miami-Dade increased slightly in April, up 1.1 percent year-over-year to 2,629 closings. The total sales volume in April was $1.23 billion, compared to $1.19 billion a year earlier.
Single-family home sales rose nearly 4 percent to 1,265, while condo sales decreased by 1.4 percent to 1,364, according to the Miami Association of Realtors. In March, condo sales rose sharply, up 18 percent year-over-year.
Prices increased as well, up 3.2 percent in April for single-family homes to $356,000, and up 2.8 percent to $248,000 for condos.
Residential closings rose in Broward as well, increasing by 4.4 percent year-over-year to 3,141 sales. That’s thanks to an 11.8 percent jump in single-family home sales, up to 1,541 closings. Condo sales in Broward fell by nearly 2 percent to 1,600 closings.
The total sales volume passed the $1 billion mark, totaling $1.1 billion in April, up from nearly $987 million.
Despite the jump in single-family home sales, the median price of a house rose only 1.3 percent to $360,000. The median price of condos increased by 5.3 percent to $170,000.
Residential sales were essentially flat year-over-year in Palm Beach County, increasing by 0.03 percent or one sale. Single-family home sales rose to 1,714 closings, up 1.4 percent. Condo sales fell by 1.6 percent to 1,384.
Sales volume also remained flat at $1.4 billion, as did the median price of single-family homes, which was $350,000 in April. Condo prices increased slightly, by 1.8 percent, to $185,000.
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