Monthly Indicators – SOUTHEAST FLORIDA – April 2022 –
Data courtesy of floridarealtors.org
Beaches MLS Service Area: Broward | Palm Beaches | St Lucie
The average 30-year fixed rate mortgage exceeded 5% in April, the highest level since 2011, according to Freddie Mac. The recent surge in mortgage rates has reduced the pool of eligible buyers and has caused mortgage applications to decline, with a significant impact on refinance applications, which are down more than 70% compared to this time last year. As the rising costs of homeownership force many Americans to adjust their budgets, an increasing number of buyers are hoping to help offset the costs by moving from bigger, more expensive cities to smaller areas that offer a more affordable cost of living.
New Listings decreased 8.2 percent for Single Family homes and 10.8 percent for Townhouse/Condo homes. Pending Sales decreased 16.9 percent for Single Family homes and 21.2 percent for Townhouse/Condo homes. Inventory decreased 24.7 percent for Single Family homes and 52.8 percent for Townhouse/Condo homes.
Median Sales Price increased 25.3 percent to $545,000 for Single Family homes and 19.1 percent to $268,000 for Townhouse/Condo homes. Median Time to Contract decreased 27.3 percent for Single Family homes and 61.5 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 13.3 percent for Single Family homes and 53.8 percent for Townhouse/Condo homes.
Affordability challenges are limiting buying activity, and early signs suggest competition for homes may be cooling somewhat. Nationally, existing home sales are down 2.7% as of last measure, while pending sales dropped 1.2%, marking 5 straight months of under contract declines, according to the National Association of REALTORS®. Inventory remains low, with only 2 months supply at present, and home prices continue to rise, with the median existing home at $373,500, a 15% increase from this time last year. Homes are still selling quickly, however, and multiple offers are common in many markets.
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Jupiter Dream Life Team | The Corcoran Group
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