According to the MLS, the home sales year-over-year has fell in May for the Miami-Dade and Broward counties. This is probably due to the increase of median price in properties in these areas. Palm Beach, however, did make an exception with a slight plunge of price which means that their home sales actually increased. Surprisingly, the market which saw an increase of closed sales in April dipped this month.
Miami-Dade County saw a decrease of 13% in residential closings. In fact, condo sales decreased by 17.4% this month. Despite this, the luxury properties which is defined by sales over a million and up, has rose significantly with 196 closings. That is 24.1% increase year-to-year.
In Broward, the condo and townhouse sales has gone up by 1.2% which interestingly, so did the price which increased at 6%. In Palm Beach, which is the only county that saw a decrease of price (2%), saw an increase of price by 3.9% this month.