Drew Dixon
Miami-Dade County home sales are continuing a monthslong funk, as July showed another gut punch in the number of single-family closings.
The Elliman Report for last month shows there was a sharp drop in newly signed sales contracts year over year. There were 475 home sales in July, a 41.4% decrease from July 2024, when there were 811 closings. The July number is slightly up from June, which saw 431 closings. But June also saw a 45% decline in the year-over-year comparison.
The Miami-Dade market has been brutal for home sales this year. That slide isn’t helped by a growing inventory. There was a 28.7% annual increase in new listings in July, rising from 1,029 in 2024 to 1,324 this July.
“Newly signed contracts across the market have continued to decline annually since the start of the year,” said Elliman analysts. “New listings have been consistently added to the market over the past two years.”
Other South Florida counties fared better in July. Palm Beach County saw a 35.1% increase in new signed single-family home contracts, going from 265 in July 2024 to 358 this July. That’s also up from June’s tally of 328 homes sold.
Broward County came in on the positive side of the sales ledger, but was more muted than Palm Beach. There were 440 new home closing contracts signed in July, up by 11.4% over July 2024, when there were 395 homes sold. Broward’s July home sales count was also up over the June sales total, which was also 395.
Miami-Dade also had yet another bleak month in the condo market with a 40.3% decline in annual sales, falling from 856 in July 2024 to 511 last month.
Broward County is starting to find its balance on the condo market, registering a 13.2% increase in annual sales, going from 378 in June 2024 to 428 last month. Palm Beach County was nearly the same, with a 10.1% increase in the year-over-year sales total, going from 318 in July 2024 to 350 last month.
