Monthly Indicators – SOUTHEAST FLORIDA – July 2022 –
Data courtesy of floridarealtors.org
Beaches MLS Service Area: Broward | Palm Beaches | St Lucie
The U.S. housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.
New Listings increased 5.7 percent for Single Family homes but decreased 2.9 percent for Townhouse / Condo homes. Pending Sales decreased 17.2 percent for Single Family homes and 18.2 percent for Townhouse/Condo homes. Inventory increased 24.5 percent for Single Family homes but decreased 13.2 percent for Townhouse/Condo homes.
Median Sales Price increased 18.3 percent to $550,000 for Single Family homes and 25.6 percent to $280,000 for Townhouse/Condo homes. Median Time to Contract increased 22.2 percent for Single Family homes but decreased 31.3 percent for Townhouse/Condo homes. Months Supply of Inventory increased 44.4 percent for Single Family homes but remained flat for Townhouse/Condo homes.
At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month to month and 14.2% year-over-year as of last measure, according to NAR. But there is a bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply. And despite the summer slowdown,
homes are still selling quickly, with the typical home staying on market an average of 14 days.
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Jupiter Dream Life Team | The Corcoran Group
Team Lead — Heather E Towe, PA
REALTOR®, CRS®, CLHMS®, e-PRO®, PSA®
(561) 778-1642 | hello@jupiterdreamlife.com
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