By Gay Cororaton, MIAMI REALTORS + RWorld Chief Economist
Key Takeaways
- July home sales rose for the 11th straight month, up 8.6% year-over-year, with year-to-date sales up 7.9%. Single-family sales rose in 72% of submarkets while condo/townhome sales rose in 63% of submarkets.
- Year-to-date sales of million-dollar homes are up 22.9% from one year ago. Sales of $10 million or more rose to the highest six-month level at 346 sales, with 87% all-cash.
- Active inventory continued to decline, down 18% year-over-year, providing support for stronger price gains. Median single-family sales prices rose year-over-year in all counties while condominium/townhome prices rose in Palm Beach County and St. Lucie County.
Download the July 2026 South Florida Housing Market Report HERE.
South Florida’s housing market continued to show strength and momentum in July, with sales up for the 11th consecutive month in both single-family and condo/townhome segments. Million-dollar sales continued to increase at a double-digit pace. Single-family prices rose to their highest July levels as inventory continued to decline as sales outpaces new listings. This momentum is likely to continue, driven by an acceleration in out-of-state migration from high-tax states and net job migration in higher-paying professional/tech services, health care, and finance jobs. Expect South Florida’s housing market to continue to shift to a seller’s market and prices to continue to firm up.
South Florida July sales rose for the 11th straight month, up 8.6% year-over-year, with year-to-date sales up 7.9%
For the 11 straight month, South Florida’s closed sales of single-family and condominium/townhome sales in June increase from one year ago, up 8.6% year-over-year for the month of July. Year-to-date, sales rose 7.9% from the same period one year ago. Nationally, sales increased 2.8% year-over-year in July and 2.4% year-to-date.
In the single-family market, July sales rose 8.9% and were up in all counties: Miami-Dade County ( 5.6%), Broward County (8.0%), Palm Beach County (12.7%), Martin County (23.4%), and St. Lucie County (2.4%).
Year-to-date single-family sales were 8.9% higher from the same period one year ago, with sales up in all counties: Miami-Dade County (8.9%), Broward County (7.3%), Palm Beach County (11.6%), Martin County (18.2%), and St. Lucie County (3.0%).
Year-to-date single-family sales increased in 72% of South Florida’s 180 submarket, including in the largest cities like Miami (+13%), Miami Gardens (+18%), Homestead (+6%), Coral Gables (+8%), Miami Beach (+4%), Fort Lauderdale (+13%), Hollywood (+12%), Pembroke Pines (+3%), Miramar (+17%), West Palm Beach (+24%), Palm Beach Gardens (+20%), Boca Raton (+18%), Jupiter (+17%), Palm City (+2%), and Port St. Lucie (+8%).
In the condominiums/townhomes market, July sales rose 8.2% year-over-year and rose in nearly all counties: Miami-Dade County ( +11.4%), Broward County (-2.8%), Palm Beach County (+18.5%), Martin County (+6.9%), and St. Lucie County (+17.1%).
Year-to-date condominium/townhome sales increased 6.8%, with sales up in all counties: Miami-Dade County (6.8%), Broward County (1.0%), Palm Beach County (11.3%), Martin County (25.7%), and St. Lucie County (9.2%).
Year-to-date condominium/townhome sales increased in 63% of South Florida’s 136 condominium/townhome submarkets, including the largest cities of Miami (+13%), Miami Beach (+13%), Aventura (+18%), Sunny Isles Beach (+3%), Fort Lauderdale (+4%), Deerfield Beach (+8%), Hollywood (+4%), West Palm Beach (+17%), Delray Beach (+9%), Boynton Beach (+9%), Jupiter (+25%),Palm Beach Gardens (+11%), Stuart (+37%), and Port St. Lucie (+20%).
Million-dollar sales growth outpaces overall sales, with year-to-date sales up 22.9% from one year ago
Million-dollar sales continue to increase at a double-digit pace, with sales up for the 12th consecutive month in July, up 29.1% year-over-year. Year-to-date, sales are up 22.9%. Cash sales accounted for 60% of million-dollar sales.
Year-to-date closed sales of $10 million and over homes rose to an all-time over this period to 346 sales with 98 more sales from one year ago. Miami-Dade County and Palm Beach County accounted for roughly 90% of $10 million or over transactions. Cash sales accounted for 87% of $10 million or more sales.
Million-dollar sales continue to gain market share. In the single-family market, Palm Beach County had the highest share at 30%, followed by Miami-Dade County at 28%, Martin County at 21%, Broward County at 20%, and St. Lucie County at 2%. Nationally, million-dollar sales account for less than 10% of sales.
Median single-family sales prices rose to all-time July highs, but condo prices continued to adjust downward in over half of submarkets
The median single-family sales prices rose in July from one year ago in all counties led by Palm Beach County (+7.6%), followed by Broward County (+4.8%), Martin County (+4.3%), Miami-Dade County (+3.8%), and St. Lucie County (+2.6%).
In the single-family market, prices were stable or rose in 56% of submarkets that include Miami (+3%), Miami Gardens (+7%), Coral Gables (+51%), Fort Lauderdale (+1%), Pembroke Pines (+10%), Miramar (+10%), West Palm Beach (+17%), Boca Raton (+24%), Palm Beach Gardens (+27%), Jupiter (+4%), Palm City (+11%), and Port St. Lucie (+2%).
In the condominium/townhomes market, prices continue to adjust downward, with sales prices only rising in Palm Beach County for the 5th consecutive month (+4%) and starting to recover in St. Lucie County (+13.3%) but still declining in Miami-Dade County (-1.5%), Broward County (-3.8%), and Martin County (-10.7%).
In the condominium/townhomes market, prices were stable or rose in 45% of submarkets that included Miami (+2%), Doral (+9%), Fort Lauderdale (+33%), Pompano Beach (+9%), Hollywood (+5%), West Palm Beach (+12%), Boca Raton (+37%), Jupiter (+23%), Palm City (+11%), and Fort Pierce (+43%).
Active inventory continues to decline 18% from one year ago as conditions shift to a seller’s market
As of the end of July, there were 17.7% fewer homes on the market compared to one year ago. Single-family homes active inventory was down 21.8% while condo/townhomes inventory was 15.1% lower.
With inventory tightening, sellers were less willing to offer discounts compared to one year ago. In the single-family market, the price discount hovers at around 4% to 5%. In the condominium/townhomes market, the discount hovers at around 6% to 8%.
Tightening inventory will put upward price pressure, particularly for single-family homes where months’ supply is hovering at 4 months’ supply in most counties, with 3 months or less in areas like Miami Gardens in Miami-Dade County: Sunrise, Coral Springs, Pembroke Pines, Cooper City, and Coconut Creek in Broward County; and Boca Raton and Jupiter in Palm Beach County.
Outlook: Sustained sales growth through 2026 bolstered by job and wealth migration
South Florida’s rebound in home sales is likely to continue amid several positive tailwinds that sustain the momentum. South Florida is continuing to undergo an economic transformation characterized by a shift in employment and net job migration in higher-paid professional/tech services, health care, and finance industries. This transformation has led to a robust growth in average weekly wages (6.8% in the Miami Metro, 11.9% in the Port St. Lucie Metro as of June 2026 compared to 3.4% nationally) which provides some affordability relief. Florida’s Live Local Act and the recently passed ROAD to Housing Act that aim to increase the supply of privately- and government- funded affordable housing should continue to improve home affordability over time. The acceleration in out-of-state migration from high tax states like New York and California (based on the number of out-of-state driver license exchanges) should continue to drive demand particularly in the midlle-and upper- price tiers.
