The housing market stuttered in Miami-Dade County as existing home sales fell in October. But prices rose for both condos and single-family homes. And Broward County did better overall.
Miami-Dade saw 1,151 single-family home sales in October, down 4.4 percent from October 2014. Condo and townhome sales fell to 1,408 for the month, down 6.6 percent year over year.
A glut of new condo construction is reducing demand for existing units. And an economic crisis across Latin America is taking its toll on the local housing market and other sectors.
Prices are still going up at a fair clip but that won’t last if sales keep falling.
“The bottom line is that there’s a smaller buyer pool out there today,” said Jeff Morr, a Realtor at Douglas Elliman and a member of the Master Brokers Forum. “Prices are higher, the dollar is stronger and foreign economies that are important to us are weaker . . . [But] it could be a good thing for the market if prices cool off.”
Foreign buyers have driven the double-digit annual growth in home prices since the latest real estate boom began, making Miami unaffordable for many locals.
In Miami-Dade, the median sales price for single-family homes hit $265,000 in October, up 10.4 percent from $240,000 in October 2014. The median sales price for condos and townhomes was $200,000, up 8.1 percent from $185,000 year over year.
The housing market Broward County did better across the board in October as both home prices and sales went up.
The median sales price for single-family homes in Broward rose to $290,000 in October, up 5.5 percent from $275,000 in October 2014. Condo and townhomes grew from $119,900 to $129,900, an 8.3 percent year-over-year gain.
The number of home sales also inched up compared to last year. Broward saw 1,433 closed single-family home sales in October, up 2.9 percent compared to October 2014. There were 1,444 condo and townhome sales, a tiny .2 percent gain over last year.