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Residential home sales plummet in Florida

For the third month in a row, residential home sales in Florida have taken a nosedive.

According to the Miami Association of Realtors, residential closings in Miami-Dade, Broward and Palm Beach fell 30 percent in October with only 6,212 closings occurring. The news follows a 20 percent drop in August and a 25 percent drop in September. Moreover, the overall amount of money that changed hands in October fell 20 percent compare to last year, going from $5 billion to $4 billion, the association reveals.

Meanwhile, the median prices of homes continue heading in the opposite direction. Over the past year, the median price of a single-family home in Florida grew 17 percent to $575,000, while the median price of a condo grew 19 percent to more than $388,000, per the Miami Association of Realtors.

Joe Kelley

Joe Kelley

News Director

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