Miami-Dade and Broward home prices continue to go up — but the number of sales dipped
Median single-family home prices in Miami-Dade climbed 2.8 percent in August, from $360,000 to $370,000, marking the 93rd consecutive month of growth — or a streak of nearly eight years.
Existing condo prices in Miami-Dade also went up 5.1 percent — from $230,000 to $241,635 — according to the Miami Association of Realtors.
Broward single-family homes also went up 2.7 percent, from $360,000 to $369,750, while condo prices climbed 6.7 percent, from $165,500 to $176,540.
The August 2019 reports were released Thursday and use data from the Multiple Listing Service (MLS).
But the overall number of sales of single-family homes and condos dipped in both counties year-over-year. Miami-Dade sales fell 2.9 percent, from 2,444 to 2,374. Broward sales dropped 3.9 percent year-over-year, from 3,011 to 2,895.
The median number of days between listing and closing for single-family homes in Miami-Dade was 98, a 10.1 percent increase year-over-year. The median number of days on the market for condos in Miami-Dade was 114, a 3.4 percent drop year-over-year.
In Broward, single-family homes spent a median number of 84 days on the market, a 7.7 percent increase year-over-year. The median time for Broward condos was 89 days, a 4.3 percent increase.
.jpg)
South Florida continued to lead the U.S. in the number of cash sales, although the volume of transactions dipped. In Miami-Dade, 31.6 percent of closed sales in August were paid in cash, down from 37.1 percent last year.
Cash transactions in Broward also fell year-over-year, down to 31.9 percent from 35.1 percent in 2018.
This story was originally published September 23, 2019 at 4:00 AM.
