Most South Florida median home prices continued their inexorable march upward in August, while the number of sales in Broward, Palm Beach and Miami-Dade counties declined year over year, according to figures compiled by local Realtors.
"Housing is slightly overpriced in Southeast Florida in general, but nowhere near as dramatically as a decade ago," said real estate economist Ken Johnson of Florida Atlantic University. "Some of the tailwinds helping us is the significant number of people moving into Southeast Florida than ever before."
Broward single-family home prices rose from a median of $360,000 to $369,750, while condo prices climbed from $165,500 to $176,540. Sales declined from 3,011 to 2,895, a year-over-year drop of 3.9%.
In Palm Beach County, the median sales price of a single-family home increased 4.4% to $355,000 from $340,000. But the number of sales was off 4.8% from from 664 to 604.
The median sales price of condos and townhomes fell by 1.4% from $185,000 to $182,100. Sales numbers fell from 1,576 to 1,566.
In Miami-Dade, median single-family home prices rose 2.8% from $360,000 to $370,000. Prices for existing condos climbed from $230,000 to $241,635.
Sales, meanwhile, fell from 2,444 to 2,374, down 2.9%.
All of the figures were drawn from the Multiple Listing Service.
