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 October 2022. Read on to learn more about the real estate market in South Palm Beach County:
Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year. New Listings decreased 7.0 percent for Single Family homes and 7.7 percent for Townhouse/Condo homes. Pending Sales decreased 43.5 percent for Single Family homes and 41.8 percent for Townhouse/Condo homes. Inventory increased 57.2 percent for Single Family homes and 32.4 percent for Townhouse/Condo homes. Median Sales Price increased 15.5 percent to $595,000 for Single Family homes and 28.3 percent to $295,000 for Townhouse/Condo homes. Median Time to Contract increased 100.0 percent for Single Family homes and 83.3 percent for Townhouse/Condo homes. Months Supply of Inventory increased 120.0 percent for Single Family homes and 71.4 percent for Townhouse/Condo homes. The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.
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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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