Monthly Indicators – SOUTHEAST FLORIDA – April 2023 –
Data courtesy of floridarealtors.org
Beaches MLS Service Area: Broward | Palm Beaches | St Lucie
BeachesMLS Service Area
U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month-over-month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.
New Listings decreased 20.3 percent for Single Family homes and 8.6 percent for Townhouse/Condo homes. Pending Sales decreased 2.9 percent for Single Family homes and 14.3 percent for Townhouse/Condo homes. Inventory increased 34.3 percent for Single Family homes and 67.0 percent for Townhouse/Condo homes.
Median Sales Price remained flat at $540,000 for Single Family homes but increased 9.8 percent to $291,000 for Townhouse/Condo properties. Median Time to Contract increased 237.5 percent for Single Family homes and 160.0 percent for Townhouse/Condo homes. Months Supply of Inventory increased 81.3 percent for Single Family homes and 133.3 percent for Townhouse/Condo homes.
Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.
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Jupiter Dream Life Team | The Corcoran Group
Team Lead — Heather E Towe, PA
REALTOR®, CRS®, CLHMS®, e-PRO®, PSA®
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