In Miami-Dade County, August experienced a significant drop in condo sales and prices. Sales fell to $470 million from $624 million in July, with closed sales decreasing from 810 to 712. The median sale price of condos dropped from $407,500 to $380,000, and the price per square foot fell from $416 to $388.

This decline is partly due to new building safety regulations following the Champlain Towers collapse in 2021. These regulations require extensive inspections and reserve funds for older buildings, increasing costs ...