South Florida takes home sales hit in June as inventory swells

Home sales drop in Southeast Florida for June. (AP Photo/Elaine Thompson)

South Florida’s housing market was sluggish in June, as single-family home sales and even condominium sales were well off the mark from a year ago.

The “Elliman Report,” which analyzes home sales on a monthly basis, found June was a gut-punch for home sales for Palm Beach, Broward and Miami-Dade counties.

“Newly signed contracts declined annually for the fourth time as new listings have been added annually each month since September” in South Florida, per the report

Palm Beach County had the roughest June among the South Florida counties as there was a whopping 21.3% decrease in single-family home sales compared to June 2023. In raw numbers, that’s a drop from 347 home-sale contracts signed in June 2023 to 273 signed contracts closing on home sales a month ago.

Meanwhile, as home sales are dropping in Palm Beach County, the inventory on homes for sale is creating a glut in the market. The number of homes listed for sale in that county jumped to 1,016 in June, up from 865 a year ago, or a 17.5% increase.

Miami-Dade County fared a bit better in June, but not by much. There were 784 new signed single-family home contracts signed for sales in June. That’s a 17% drop from June 2023 when there 945 closed contracts on sales.

Miami-Dade is also seeing a glut in the market, with 958 new single-family home listings last month. That’s an 18.3% jump from a year ago, when there were 810 listings.

Broward County’s home sales slump was less dramatic, but still ended up in the negative side of the ledger. There were 417 closed contracts on single-family home sales last month, which is a 6.5% slide from a year ago when there were 446 homes sold.

The rush to list more houses for sale in Broward County was the most substantial in all the South Florida counties. There were 1,118 new homes listed for sale in June, a big jump over June 2023, when there were 862 new listings which is a staggering 29.7% increase.

Condominium sales were also hurting in South Florida in June. All three counties recorded at least a 26% drop in condo closed contract sales last month compared to June 2023.

The South Florida home sale slow-down is reflective of some other areas of Florida. The Northeast Florida Association of Realtors (NEFAR) released its monthly home sales report last week.

In a six-county area, there was a notable drop in sales for the First Coast in June. There were 1,097 total closed single-family home sales in Northeast Florida in June, a 14.7% decline from the 2,236 closed purchases in May 2023.