Monthly Indicators – SOUTHEAST FLORIDA – June 2023
Data courtesy of floridarealtors.org
Beaches MLS Service Area: Broward | Palm Beaches | St Lucie
BeachesMLS Service Area Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer home buying season. According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.
New Listings decreased 30.2 percent for Single Family homes and 16.7 percent for Townhouse/Condo homes. Pending Sales increased 5.8 percent for Single Family homes and 5.2 percent for Townhouse/Condo homes. Inventory decreased 11.3 percent for Single Family homes but increased 24.7 percent for Townhouse/Condo homes. Median Sales Price increased 3.5 percent to $585,000 for Single Family homes and 3.8 percent to $300,000 for Townhouse/Condo homes.
Median Time to Contract increased 100.0 percent for Single Family homes and 150.0 percent for Townhouse/Condo homes. Months Supply of Inventory increased 7.7 percent for Single Family homes and 61.9 percent for Townhouse/Condo homes.
Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-month’s supply at the current sales pace. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, according to NAR. As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month.
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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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