Drew Dixon
South Florida had another rough month in July, when the region saw home sales drop while the inventory of houses on the market continues to tick up.
The “Elliman Report,” which provides assessments of the housing market on a monthly basis, showed July was yet another sluggish month for home sales in South Florida. July saw sales stumble in Palm Beach and Broward counties, while Miami-Dade saw a slight increase in home sales.
Palm Beach County saw a 16.1% year-to-year drop in signed closed contracts in July, falling to 265 closings. That’s down from July 2023, when there were 316 signed home sale closings.
July’s figure in Palm Beach is also down from the previous month in June, when there were 273 closings. The pace of the annual decline slowed slightly in July, as the June figure was a 21.3% decrease in the number of single-family home sales in June 2023.
Broward County saw a similar drop, when there was a 13% decrease compared to July 2023. There were 395 closings in Broward in July, down from the 454 sales in July the previous year. Broward also saw a dip in month-to-month home sales, as the June number sat at 417 home sales.
Miami-Dade County got through the housing slump with less damage than the neighbors to the north. Miami-Dade saw 811 home sale contracts signed in July, up by 2.9% over July 2023, when there were 788 home sales.
That was enough to give Miami-Dade a slight increase in month-to-month sales as well, with a jump over June’s figure of 784 homes sold. But that June number was down from a year earlier, as Miami-Dade saw a 17% annual drop from June 2023.
Meanwhile, as single-family home sales remain sluggish in South Florida, the number of properties listed on the market is causing a glut. All three South Florida counties saw substantial year-to-year increases in the number of homes listed for sale.
Broward County saw the biggest spike in new listings with a 43.6% jump in homes for sale in July when compared to July 2023. Miami-Dade saw a 39.1% increase, and Palm Beach County witnessed a 36.3% jump.
All three South Florida counties also sustained decreases in condominium sales in July compared to July 2023, according to the analysis in the Elliman Report.
6 comments
Ninety Three
August 5, 2024 at 11:34 am
Bidenomics taking hold everywhere. How will Kammy spin this if and when she ever takes questions? Sorry MH, it’s always the economy when it comes to voters especially independents.
JD
August 5, 2024 at 11:57 am
Seems like that’s more DeSantis economic policy and his CFO Jimmy “the Trump suck up” Patronis insurance debacle than Bidenomics. He needs to go back to managing restaurants.
Let’s give the credit where it’s due Scared Ketchup 93. There’s a direct correlation to the Florida BananaRepublicans Culture wars than Biden’s sound policies.
Ninety Three
August 5, 2024 at 12:06 pm
Sound Biden policies? Man just when you think you have heard it all. Unemployment is up. The job creation numbers are down. The stock market has lost nearly 2000 points since Thursday. Yup those are some sound economic policies. Let’s put Kammy out there and tell all of us how good things are in the economy. Hilarious
JD
August 5, 2024 at 12:53 pm
It’s obvious you’ve not well informed.
The policies created the lowest unemployment in 50 years (still lowest, even with a marginal uptick). The stock market drop 1000 points, but kudo’s for trying to “juice” your numbers. And that’s on a 48% gain since Biden took office and that doesn’t include the pandemic bounce back.
But again, tell us again how Trump’s numbers looked? Even sans pandemic numbers, when of course he sent people to die and sit in refridgerator trucks, inject themselves with horse dewormer and battle royale over toilet paper?
We will wait because you trying to explain that is Hilarious.
PeterH
August 5, 2024 at 3:17 pm
Says no one!
“Let’s buy some over priced, uninsurable Florida real estate at the beginning of a NOAA prediction of a catastrophic hurricane season.
Fascism state
August 5, 2024 at 7:05 pm
Extremism doesn’t help real estate ….