Newly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for August 2022. Read on to learn more about the real estate market in South Palm Beach County:
Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year-over-year as of last measure, according to the National Association of REALTORS® (NAR). Pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the start of August. The pullback in demand has been particularly hard on homebuilders, causing new-home sales and construction to slow. New Listings increased 6.5 percent for Single Family homes but decreased 10.5 percent for Townhouse/Condo homes. Pending Sales decreased 18.7 percent for Single Family homes and 19.8 percent for Townhouse/Condo homes. Inventory increased 31.1 percent for Single Family homes and 3.3 percent for Townhouse/Condo homes. Median Sales Price increased 14.4 percent to $595,000 for Single Family homes and 28.3 percent to $295,000 for Townhouse/Condo homes. Median Time to Contract increased 55.6 percent for Single Family homes and 15.4 percent for Townhouse/Condo homes. Months Supply of Inventory increased 68.8 percent for Single Family homes and 18.8 percent for Townhouse/Condo homes. Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.
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Posted by Gloria Singer on