Home prices in Miami-Dade County have experienced a decrease for the third consecutive month, giving potential buyers with tighter budgets some relief. The median sales prices in September were $600,000 for single-family houses and $415,000 for condominiums, down from $620,000 and $416,000 in August, respectively. This decline follows a peak in July with prices of $631,670 for houses and $420,000 for condos. The cooling of the housing market could be attributed to high mortgage interest rates and increased attention from buyers in the lower end of the market. Despite the monthly decrease, home prices in Miami-Dade remain higher on an annual basis, with a 6% increase for houses and a 5% increase for condos.
In Broward County, median sales prices varied in September, with single-family house prices slightly increasing to $602,000 while condo prices declined to $270,000. The total number of home sales in Miami-Dade dropped by about 9% compared to a year ago, while Broward saw a 2% increase in sales volume. Although there has been some improvement in the supply of homes for sale, South Florida still favors sellers over buyers.
The high prices in South Florida have made it challenging for first-time homebuyers, and many have turned to the housing market due to rising rent costs. However, the market is evolving, and it will be interesting to see if the trend of price reductions in Miami-Dade continues in the coming months.