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iami-Dade County's residential real estate sales declined in March, with total transactions falling 6.5% year-over-year to 2,002 closings. Single-family home sales dropped 7.7%, from 1,041 to 961 transactions, while the condominium market saw a 5.4% decline in sales, from 1,100 to 1,041 transactions.

    Despite slower sales, Miami-Dade's total dollar volume rose 7.8% year-over-year to $2.1 billion, driven by rising home values. The median sales price for single-family homes climbed 3.1% over the past year, reaching a record high of $670,000, marking the 160th consecutive month of price increases.

    Condominium prices have surged 103.5% over the past decade, reaching $437,450 in March, although they fell 1.7% year-over-year. Inventory levels have increased sharply but remain below pre-pandemic figures, with total active listings rising 42.6% to 18,333.

    The supply of inventory continues to signal shifting market dynamics, with single-family homes having a six-month supply and condos posting a 13.2-month supply, favoring buyers. Distressed sales remain rare in Miami, accounting for just 1.2% of total residential sales in March.

    Cash transactions dominated the market, representing 38.5% of all closed sales in March, up from 37.2% a year earlier and well above the national average. International buyer demand continues to partially buoy the housing market despite the slowdown in transaction volume.