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 September. Read on to learn more about the real estate market in South Palm Beach County:
The U.S. real estate market continues to slow as we move into fall, as rising consumer prices and higher mortgage interest rates squeeze homebuyer budgets and cool activity. With inflation showing little sign of abating, the Federal Reserve implemented another 75-basis-point hike in September, marking the third such rate increase this year. The cost of borrowing has reached multi-year highs on everything from credit cards to auto loans in 2022 as mortgage interest rates topped 6% for the first time since 2008, causing existing home sales to decline for the seventh consecutive month. New Listings decreased 5.0 percent for Single Family homes and 15.5 percent for Townhouse/Condo homes. Pending Sales decreased 26.0 percent for Single Family homes and 32.9 percent for Townhouse/Condo homes. Inventory increased 36.1 percent for Single Family homes and 13.4 percent for Townhouse/Condo homes. Median Sales Price increased 23.6 percent to $602,500 for Single Family homes and 22.5 percent to $284,750 for Townhouse/Condo homes. Median Time to Contract increased 63.6 percent for Single Family homes and 15.4 percent for Townhouse/Condo homes. Months Supply of Inventory increased 70.6 percent for Single Family homes and 40.0 percent for Townhouse/Condo homes. Affordability challenges have priced many buyers out of the market this year, and buyers who do succeed in purchasing a home are finding that the costs of homeownership have increased significantly, with monthly mortgage payments more than 55% higher than a year ago, according to the National Association of REALTORS®. Inventory remains lower than normal, and as the market continue to shift, experts project homes will begin to spend more days on market and price growth will slow in the months ahead.
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