R
esidential pricing and inventory rose across much of South Florida in the third quarter, according to Douglas Elliman reports. Single-family home sales outpaced condo sales, which saw significant declines in some cities compared to last year's numbers. Mortgage rates remain high, and inventory is constrained, contributing to the decline in sales.

    "In most markets, prices are rising, sales are modestly declining, and listing inventory is increasing," said Jonathan Miller of Miller Samuel. "However, inventory remains below pre-pandemic levels for many areas." The share of cash sales across South Florida remains high, but not at record levels.

    Miami Beach and the barrier islands saw a 23% year-over-year decline in sales to 695 closings, with a median sale price of $680,000. Single-family home sales dipped 3.3%, while condo sales fell 25%. Inventory of single-family homes dropped 2.6%, but condo inventory rose 40.6%.

    Coral Gables reported strong single-family home sales, up 45.7% year-over-year to 102 closings, with a median sale price of $1.9 million. Condo sales fell 25%, but the median sale price rose 11.4%. Inventory surged for both single-family homes and condos.

    In Fort Lauderdale, single-family home sales slipped half a percent, while condo sales dropped 14%. The median sale price of condos decreased by 3.9% to $427,500. Inventory increased significantly for both types of properties.

    Palm Beach saw an 18.2% increase in single-family home sales, but the median price fell 35% year-over-year to $9.3 million. Condo sales rose 70%, with a median sale price of $1.4 million. Inventory also increased for both types of properties.

    Wellington's single-family home sales decreased 16% year-over-year, while condo sales rose 6.8%. The median sale price of condos fell 3.7% to $395,000. Inventory ballooned for both types of properties.