Drew Dixon
South Florida home sales spiked in both Palm Beach and Broward counties in August, though Miami-Dade still lags in closed contracts for the month.
There were substantial upticks in new signed contracts last month and the increase in sales was substantial, according to the “Elliman Report.”
Palm Beach County had 933 single-family home sales in August, a 176% jump year-over-year with just 338 signed contracts last August. August home sales were also a big spike from July when 358 homes were sold.
Inventory is driving increased home sales. New listings in August were down nearly 13% from July, with 1,094 new homes on the market, compared to 1,252 new listings in July.
Broward County had 990 closed transactions on single-family homes in August, up 113% from last August when 464 houses were sold. Sales were also up from July, with just 440 closed transactions in that month.
Inventory also dipped in Broward with 1,177 initial listings last month, a 17.6% decline from 1,429 listings last July.
Miami-Dade County home sales are still sluggish compared to its neighboring counties. Miami-Dade saw 815 closed home sale contracts last month, a 7.5% drop from August of 2024 when 881 single-family dwelling transactions took place. But sales were up from July, when only 475 homes sold.
Year-over-year, Miami-Dade seems to be catching up. The drop in August was less pronounced that the year-over-year comparison in July, which saw a more than 41% decline in home sales.
New listings are down 7.4% in Miami-Dade compared to the previous year.
