Market Report: Southeast Florida, December 2023

Monthly Indicators – SOUTHEAST FLORIDA – December 2023

Data courtesy of floridarealtors.org

Beaches MLS Service Area: Broward | Palm Beaches | St Lucie

U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR). Despite the increase, sales were down 7.3% compared to the same period last year, as affordability challenges continue to hinder prospective buyers. Most of this period’s closed sales went under contract in October, when mortgage rates were at a two-decade high. With rates having dropped more than a full percentage point since then, existing-home sales may continue to pick up in the months ahead.

New Listings increased 7.3 percent for Single Family homes and 19.9 percent for Townhouse/Condo homes. Pending Sales decreased 4.6 percent for Single Family homes but increased 1.3 percent for Townhouse/Condo homes. Inventory decreased 3.3 percent for Single Family homes but increased 34.5 percent for Townhouse/Condo homes.

Median Sales Price increased 10.0 percent to $550,000 for Single Family homes and 5.7 percent to $295,000 for Townhouse/Condo homes. Median Time to Contract decreased 18.8 percent for Single Family homes but increased 30.4 percent for Townhouse/Condo homes. Months Supply of Inventory increased 2.8 percent for Single Family homes and 53.1 percent for Townhouse/Condo homes.

Low levels of inventory continue to impact U.S. home sales, offering few options for aspiring buyers to choose from. Going into December there were 1.13 million units for sale, down 1.7% from the previous month but up 0.9% from the same period last year, for a 3.5 months’ supply at the current sales pace. As a result, sales prices remain high nationwide, with NAR reporting the median existing-home price rose 4% annually to $387,600 as of last measure, the fifth consecutive month of year-over-year price gains. Homebuyer demand is picking up, and without a significant increase in supply, experts believe home prices will likely remain elevated for some time to come.

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Jupiter Dream Life
Heather E Towe, PA
Assistant Broker, REALTOR®, CRS®, CLHMS®, e-PRO®, PSA®

Real Estate Services
Residential real estate representation in Palm Beach County and surrounding areas.

(561) 247-4474
hello@jupiterdreamlife.com

Licensed to sell real estate in Florida
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