September 2023 Real Estate Market Statistics

Home Sales decline nationally due to affordability challenges

National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales nationally declined 0.7% month-over- month and were down 15.3% year-over-year, according to the National Association of REALTORS®(NAR).

Prices have continued to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas. Heading into September there were only 1.1 million units available for sale, 0.9% fewer than a month ago and 14.1% fewer than the same period last year, according to NAR. As a result, the U.S. median existing-home sales price rose 3.9% year-over-year to $407,100, marking the third consecutive month that the median sales price topped $400,000.

Local market also experiencing challenges

In South Palm Beach County, New Listings increased 1.9 percent for Single Family homes and 20.7 percent for Townhouse/Condo homes. Pending Sales increased 3.6 percent for Single Family homes and 3.2 percent for Townhouse/Condo homes. Inventory decreased 21.3 percent for Single Family homes but increased 17.2 percent for Townhouse/Condo homes.

Median Sales Price increased 8.3 percent to $649,900 for Single Family homes and 3.6 percent to $290,000 for Townhouse/Condo homes. Median Time to Contract increased 11.1 percent for Single Family homes and 106.3 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 9.1 percent for Single Family homes but increased 45.8 percent for Townhouse/Condo homes.

Want to know more?

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.