Miami-Dade home sales, prices slide in July as inventory increases 

The pace of single-family home and condominium sales in Miami-Dade County fell by double digits in July, according to the MIAMI Association of REALTORS® and the MIAMI Southeast Florida Multiple Listing Service.  

Miami single-family home sales declined 14.6% year-over-year, from 1,008 to 861, while total condo sales declined 17.3%, from 1,114 to 921. Combined, total sales in July fell 16% year-over-year, from 2,122 to 1,782. 

MIAMI REALTORS® attributed the declines to higher mortgage rates and a lack of inventory in key price points and noted the total doesn’t include South Florida’s new construction, pre-construction and condo conversion sales because they are largely not reported in the MLS. 

Miami-Dade’s luxury condo market remained relatively resilient in July, as sales of condos priced $2 million and higher were flat year-over-year, at 59 transactions. 

Prices slide 

The median price for an existing Miami-Dade condo slipped 4.5% year-over-year to $406,000 from $424,950. Miami condo median prices have stayed even or increased in 161 of the last 170 months. 

The single-family median sale price decreased for the first time in over 13 years, sliding 1.5% year-over-year to $660,000 from $670,000. The median single-family price has risen in 163 of the last 164 months. 

Inventory jumps 

Total active listings at the end of July surged 33.5% year-over-year, from 13,763 to 18,377, while new listings for all Miami properties dipped 4.6%, from 3,541 to 3,378.  

Single-family listings jumped 38.9% year-over-year from 3,988 active listings last year to 5,539 last month. Condominium inventory increased 31.3%, from 9,775 listings to 12,838 listings. 

The supply of existing condominiums is 14.1 months, which indicates a buyer’s market, while single-family inventory is 6.6 months, indicating a balanced market.