South Florida home sales for October were a mixed bag, but trends overall were more stable after a wild spike the previous month.
The Elliman Report on single-family home sales analyzed the three coastal counties in South Florida. Palm Beach and Broward counties each showed substantial upticks when compared to this time last year, but that wasn’t the case in Miami-Dade.
There were 487 single-family homes sold in Miami-Dade in October, down from 682 newly signed contracts in October 2024, a 28.6% decline. The latest figure was also more than a 50% drop from September’s 1,443 homes sold.
While the latest number of Miami-Dade home sales is a slide, it’s an offset to the September figure, which was a 118.3% spike in the year-over-year comparison.
Palm Beach County saw the biggest increase in South Florida home sales last month. There were 347 sales in October, up by 55.6% compared to October 2024, when 223 homes were sold. While the annual comparison is positive, the October figure was a sharp drop from the September figure of 1,556 homes sold. But that’s also a reset, as the September figure marked a 497.7% hike from a year prior.
Broward County saw a similar pattern of home sales for October. There were 466 homes sold in Broward for October, up by 37.6% from October 2024’s figure of 340. But that’s down from September’s tally of 1,633 homes sold, which was a 320.9% jump from the year before.
Elliman analysts had attributed the explosive increase in home sales in September to a long-awaited drop in federal interest rates.
Meanwhile, condo sales in all three South Florida counties are also calming down after similar spikes in September.
Miami-Dade saw a 38.5% decrease in condo closings in October. That was the only decrease in the year-over-year comparison among the three counties. Broward registered a modest increase, with a 5.5% annual jump in condo sales. Palm Beach County’s condo market was more encouraging, with a 41.5% jump in condo sales for October in the annual comparison.
