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South Florida Home Prices Up 20% in One Year

Miami, Florida
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Across South Florida’s three counties, the median sale price for single-family homes ↑ ~20% YoY to $500K in August. However, this marks the first price drop in Miami-Dade and Palm Beach counties this year, with home prices ↓ 2.8% MoM and ↓ 4% MoM respectively. All counties also surpassed a billion dollars in total sales, with Miami-Dade County coming out on top, ↑ 37% YoY, to hit $1.4B in sales. In Miami-Dade and Broward counties, the number of homes on the market ↓ ~33%, and in Palm Beach County, ↓ 44%. The number of sales for single-family homes slipped, ↓ 3.5% and ↓ 2.8% in Miami-Dade and Broward counties, respectively, and ↓ 10.7% in Palm Beach County. The median sale price for a condo ↑ 10.1% YoY and ↑ 7.9% YoY in Palm Beach and Broward, respectively. Miami-Dade was the outlier, with condo prices ↑ 26.4% from last August to $335K.

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