Monthly Indicators – SOUTHEAST FLORIDA – August 2023
Data courtesy of floridarealtors.org
Beaches MLS Service Area: Broward | Palm Beaches | St Lucie
Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).
New Listings decreased 14.2 percent for Single Family homes but increased 0.4 percent for Townhouse/Condo homes. Pending Sales decreased 0.5 percent for Single Family homes but increased 0.1 percent for Townhouse/Condo homes. Inventory decreased 23.1 percent for Single Family homes but increased 13.5 percent for Townhouse/Condo homes.
Median Sales Price increased 7.6 percent to $570,500 for Single Family homes and 6.3 percent to $297,500 for Townhouse/Condo homes. Median Time to Contract increased 31.3 percent for Single Family homes and 60.0 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 6.5 percent for Single Family homes but increased 45.8 percent for Townhouse/Condo homes.
Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale. According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing- home price of $406,700, a 1.9% increase from a year earlier.
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Jupiter Dream Life Team | The Corcoran Group
Team Lead — Heather E Towe, PA
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