Monthly Indicators – SOUTHEAST FLORIDA – December 2022 –
Data courtesy of floridarealtors.org
Beaches MLS Service Area: Broward | Palm Beaches | St Lucie
2022 was a turbulent year for the US housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. Affordability challenges continue to limit market activity, with pending home sales and existing-home sales down month-over-month and falling 37.8% and 35.4% year-over-year, respectively, according to the National Association of REALTORS® (NAR). Higher mortgage rates are also impacting prospective sellers, many of whom have locked in historically low rates and have chosen to wait until market conditions improve before selling their home.
New Listings decreased 9.6 percent for Single Family homes and 6.0 percent for Townhouse/Condo homes. Pending Sales decreased 30.6 percent for Single Family homes and 33.7 percent for Townhouse/Condo homes. Inventory increased 74.5 percent for Single Family homes and 39.2 percent for Townhouse/Condo homes.
Median Sales Price increased 6.3 percent to $504,750 for Single Family homes and 12.0 percent to $280,000 for Townhouse/Condo homes. Median Time to Contract increased 166.7 percent for Single Family homes and 64.3 percent for Townhouse/Condo homes. Months Supply of Inventory increased 135.7 percent for Single Family homes and 81.3 percent for Townhouse/Condo homes.
Economists predict sales will continue to slow and housing prices will soften in many markets over the next 12 months, with larger price declines projected in more expensive areas. However, national inventory shortages will likely keep prices from dropping too much, as buyer demand continues to outpace supply, which remains limited at 3.3 months, according to NAR. Even if prices fall, many prospective buyers will find it difficult to afford a home in 2023, as higher rates have diminished purchasing power, adding hundreds of dollars to monthly mortgage payments.
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Jupiter Dream Life Team | The Corcoran Group
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