Monthly Indicators – SOUTHEAST FLORIDA – November 2022 –
Data courtesy of floridarealtors.org
Beaches MLS Service Area: Broward | Palm Beaches | St Lucie
Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.
New Listings decreased 6.1 percent for Single Family homes and 9.1 percent for Townhouse/Condo homes. Pending Sales decreased 33.7 percent for Single Family homes and 35.8 percent for Townhouse/Condo homes. Inventory increased 63.3 percent for Single Family homes and 23.8 percent for Townhouse/Condo homes.
Median Sales Price increased 10.6 percent to $519,900 for Single Family homes and 12.2 percent to $275,000 for Townhouse/Condo homes. Median Time to Contract increased 145.5 percent for Single Family homes and 60.0 percent for Townhouse/Condo homes. Months Supply of Inventory increased 112.5 percent for Single Family homes and 64.7 percent for Townhouse/Condo homes.
With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com.
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Jupiter Dream Life Team | The Corcoran Group
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