By Gay Cororaton, Chief Economist, MIAMI Realtors®
Key Takeaways
- Single-family pending sales rose 4.7% while condominium/townhome sales rose 0.9% in August 2025.
- The median single-family sales price rose 2.3% in Miami-Dade County in August for the 14th year, with the largest price increase in Broward County (3.1%)
- Million-dollar condo/townhome sales rose 10.8% in Miami-Dade and 15.4% in Broward in August 2025.
Download the August 2025 Southeast Florida Housing Market Report HERE.
Overall single-family and condo/townhome pending sales rose in Southeast Florida in August 2025
Latest data shows buyer momentun is picking up in the Miami market area as mortage rates continue to decline and as the area continues to experience solid job growth[1] that is outpacing the nation and sustained migration above pre-pandemic levels.[2]
Buyer momentum has strengthened with mortgage rates easing downward since July 2025 to 6.59% in August 2025 as expectations that the Fed will cut rates at its September meeting heightened. As expected, the Fed cut the federal funds rate by 25 basis points, with a high likelihood of two more rate cuts through the end of the year and one rate cut in 2026. MIAMI Realtors expects single-family sales to rebound 5% in 2026 as mortgages rates stabilize at 6% .
After being down year-over-year in most markets, contract signings (pending sales) for single-family homes were essentially at par or higher in all counties in August 2025 compared to one year ago, up 4.7% overall: Miami-Dade County (-0.5%), Broward County (5.6%), Palm Beach County (7.7%), Martin County (3.3%), and St. Lucie County (7.1%).
Contract signings for condominiums/townhomes rose 0.9% overall: Miami-Dade County (-7.2%), Broward County (-0.3%), Palm Beach County (6.0%), Martin County (27.9%), and St. Lucie County (+50.0%).
While overall condominium/townhome sales are down year-over-year, sales of million-dollar units rose year-over-year at double-digit pace in Miami-Dade County (10.8%) and Broward County (15.4%). Buyers of million-dollar condos are likely buying these properties for the associated lifestyle.
Inventory continues to decline from peak levels in mid-2025
The inventory of homes that continued to build up through the middle of the year has now reversed course, with active inventory down from peak levels during the year, an indication that homes are being sold or absorbed at a faster rate than the new listings coming into the market,
Compared to peak levels, single-family active inventory as of August 2025 is down from peak levels in Miami-Dade County (-3%), Broward County (-7%), Palm Beach County (-12%), Martin County (-19%), and St. Lucie County (-16%).
Condo/townhome active inventory as of August 2025 has also climbed down from peak levels in Miami-Dade County (-3%), Broward County (-10%), Palm Beach County (-14%), Martin County (-24%), and St. Lucie County (-18%).
Median single-family home prices rose in nearly all counties, led by Broward County
The buildup in buyer momentum has bolstered home prices. After a slight year-over-year decline last month, the median sales price of single-family homes rose in Miami-Dade one year ago (2.3%), the 14th year of annual price gain in August.
Broward County saw the strongest increase in the median price of single-family home sales (3.1%) while prices also broadly rose in Palm Beach County (2.0%), Martin County (0.9%), but slightly fell in St. Lucie County (-1.2%).
However, the median condominium sales prices fell in all counties with sellers offering larger price discounts to clear the inventory: Miami-Dade (-1.2%), Broward County (9.9%), Palm Beach County (-9.5%), Martin County (-20.7%), and St. Lucie County (-9.6%).
[1] Miami-Dade: Ranked No. 1 in the U.S. in Jobs Growth – MIAMI REALTORS®
[2] Miami-Dade Out-of-State Driver License Exchanges Are 22% Above Pre-Pandemic – MIAMI REALTORS®
