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 July 2022. Read on to learn more about the real estate market in South Palm Beach County:
The U.S. housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand. New Listings decreased 0.3 percent for Single Family homes and 5.9 percent for Townhouse/Condo homes. Pending Sales decreased 18.2 percent for Single Family homes and 25.1 percent for Townhouse/Condo homes. Inventory increased 23.8 percent for Single Family homes but decreased 1.4 percent for Townhouse/Condo homes. Median Sales Price increased 21.0 percent to $635,000 for Single Family homes and 27.3 percent to $286,450 for Townhouse/Condo homes. Median Time to Contract increased 25.0 percent for Single Family homes but decreased 15.4 percent for Townhouse/Condo homes. Months Supply of Inventory increased 52.9 percent for Single Family homes and 18.8 percent for Townhouse/Condo homes. At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month-to-month and 14.2% year-over-year as of last measure, according to NAR. But there is a bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 14 days.
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I’m always here to help you navigate the local market. I can analyze the specific neighborhood and price range for you, whether you are interested in buying or in selling. Contact me today for a customized look at the latest conditions for the Boca Raton real estate market and beyond.
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