Monthly Indicators – SOUTHEAST FLORIDA – July 2023
Data courtesy of floridarealtors.org
Beaches MLS Service Area: Broward | Palm Beaches | St Lucie
Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.
New Listings decreased 25.4 percent for Single Family homes and 13.4 percent for Townhouse/Condo homes. Pending Sales increased 4.8 percent for Single Family homes but decreased 0.8 percent for Townhouse/Condo homes. Inventory decreased 21.0 percent for Single Family homes but increased 14.4 percent for Townhouse/Condo homes.
Median Sales Price increased 0.9 percent to $555,000 for Single Family homes and 6.3 percent to $297,500 for Townhouse/Condo homes. Median Time to Contract increased 50.0 percent for Single Family homes and 127.3 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 6.7 percent for Single Family homes but increased 47.8 percent for Townhouse/Condo homes.
Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong.
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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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