Drew Dixon
South Florida homes sales were on the rise for the first time in months in August, though it was modest.
The monthly “Elliman Report” showed Palm Beach, Broward and Miami-Dade counties enjoyed an uptick in single-family home sales across the board through the coastal region.
Palm Beach County saw the biggest increase in home sales with a 10.1% uptick in August over the same month in 2023. There were 338 total signed home contracts last month compared to 307 for the same month last year.
“Newly signed single-family contracts rose year over year for the first time since November,” the Elliman Report said. “New listings continued to rise faster than new signed contracts.”
Broward County saw a 9.7% bump in home sales last month. There were 464 newly signed contracts for home sales in August compared to 423 for the same month a year ago.
It’s the first time since February that year-over-year sales increased in Broward County. And big-ticket home sales were really pronounced.
“New single-family contacts above the $1-million threshold rose annually for the third time at an expanding rate,” the Elliman Report concluded.
Miami-Dade County was the only South Florida county that saw two consecutive months of increased home sales. There were 881 signed home sale contracts in that county in August. That’s an 8.5% increase over August in 2023 when there were 812 home sales.
The South Florida uptick in sales in all three counties is a notable reversal for what has been a sluggish housing market for the past few years. North Florida, for example, saw a dip in sales in July, according to figures provided by the Northeast Florida Association of Realtors (NEFAR). That has been a consistent trend, though prices are starting to come down in that region.
Meanwhile in South Florida, condominium sales remain stubborn. Broward and Miami-Dade saw condo sales drop in August compared to last year. Broward saw a whopping 18.8% decline year-over-year while Dade sustained a 9.3% dip in sales. Only Palm Beach County witnessed a jump in condo sales, which was a modest 6.6% increase.
