Market Report: Southeast Florida, October 2022

Monthly Indicators – SOUTHEAST FLORIDA – October 2022 –

Data courtesy of floridarealtors.org

Beaches MLS Service Area: Broward | Palm Beaches | St Lucie

Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.

New Listings decreased 4.4 percent for Single Family homes and 13.3 percent for Townhouse / Condo homes. Pending Sales decreased 37 percent for Single Family homes and 35.7 percent for Townhouse / Condo homes. Inventory increased 52.6 percent for Single Family homes and 9.9 percent for Townhouse/Condo homes.

Median Sales Price increased 14.3 percent to $525,000 for Single Family homes and 19.1 percent to $280,000 for Townhouse/Condo homes. Median Time to Contract increased 91.7 percent for Single Family homes and 33.3 percent for Townhouse/Condo homes. Months Supply of Inventory increased 88.2 percent for Single Family homes and 38.9 percent for Townhouse/Condo homes.

The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.

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Heather E. Towe, P.A.
REALTOR®, CRS®, CLHMS®, e-PRO®, PSA®
561-806-8550 | heather.towe.gmail.com
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