Monthly Indicators – SOUTHEAST FLORIDA – September 2022 –
Data courtesy of floridarealtors.org
Beaches MLS Service Area: Broward | Palm Beaches | St Lucie
The U.S. real estate market continues to slow as we move into fall, as rising consumer prices and higher mortgage interest rates squeeze homebuyer budgets and cool activity. With inflation showing little sign of abating, the
Federal Reserve implemented another 75-basis-point hike in September, marking the third such rate increase this year. The cost of borrowing has reached multi-year highs on everything from credit cards to auto loans in
2022 as mortgage interest rates topped 6% for the first time since 2008, causing existing home sales to decline for the seventh consecutive month.
New Listings decreased 6.3 percent for Single Family homes and 16.0 percent for Townhouse / Condo homes. Pending Sales decreased 27.9 percent for Single Family homes and 25.3 percent for Townhouse/Condo homes. Inventory increased 37.5 percent for Single Family homes but decreased 2.7 percent for Townhouse/Condo homes.
Median Sales Price increased 17.8 percent to $530,000 for Single Family homes and 24.3 percent to $283,500 for Townhouse/Condo homes. Median Time to Contract increased 72.7 percent for Single Family homes and 13.3 percent for Townhouse/Condo homes. Months Supply of Inventory increased 70.6 percent for Single Family homes and 15.8 percent for Townhouse/Condo homes.
Affordability challenges have priced many buyers out of the market this year, and buyers who do succeed in purchasing a home are finding that the costs of homeownership have increased significantly, with monthly mortgage payments are more than 55% higher than a year ago, according to the National Association of REALTORS®. Inventory remains lower than normal, and as the market continues to shift, experts project homes will begin to spend more days on market and price growth will slow in the
months ahead.
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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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