After a brief surge in home sales during August, South Florida saw a sharp decline in both signed contracts and closings for September. The “Elliman Report” reveals that Palm Beach, Broward, and Miami-Dade counties all experienced stagnant or declining home sales compared to the same time last year.
Palm Beach County faced the steepest drop in September, with 262 home sales, down 14.7% from 307 sales in September 2023. This decline also marks a sharp decrease from the 338 homes sold in August.
Miami-Dade, which had been a bright spot with slight growth in home sales earlier in the year, saw a 10.2% year-over-year drop in September, with 661 homes sold compared to 736 in September 2023. The month-over-month decline was even more dramatic, as 881 homes were sold in August.
Broward County, while avoiding a year-over-year drop, showed no growth either. The county recorded 388 home sales in September, matching figures from the previous year, but this was a decline from the 464 homes sold in August.
While August had provided a glimmer of hope after months of sluggish activity in 2024, September’s downturn reinforces the overall slow performance in South Florida’s housing market this year.
The condo market fared even worse, with all three counties experiencing a more than 20% drop in condo sales compared to September 2023. Broward led the decline with a 24.3% drop, followed by Palm Beach at 22.3%, and Miami-Dade at 22.2%.