South Florida Home Prices Defy Forecasts, Rising Despite Growing Inventory and Fewer Transactions

With a spatula

December 25 2023, 2:51 pm
Prospective homebuyers are currently facing elevated prices in South Florida, despite a slowdown in residential transactions and increasing supply. Above: Anthony Nunziata photographed in early 2022 with his family in Hollywood. MATIAS J. OCNER [email protected]

South Florida home prices continue to defy forecasts, rising despite a growing supply of homes and fewer transactions than a year ago.

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By The New Herald

Median sales prices rose to $615,000 for a home and $420,000 for a condo in Miami-Dade County in November, up from $550,000 and $395,000 a year ago, respectively, according to the latest home sales report from the Miami Association of Realtors.

The monthly report takes the temperature of housing conditions, including prices, inventory and the number of transactions. House prices remain resilient, despite rising supply and the number of trickle-down offers, an activity that can typically lead to falling prices.

Broward County experienced similar activity. Housing prices increased to $600,000 for houses and $280,000 for condos, compared to $540,000 and $255,000, respectively, in November 2022.

Housing conditions show high demand for living in South Florida, but prove challenging for aspiring homeowners waiting years — for some even before the pandemic — for the opportunity to buy a place of their own.

Several factors are at play, including more existing owners staying in place longer due to inventory, pricing and interest rates. Mortgage lender Freddie Mac, for example, has a rate of 6.95% for a 30-year mortgage, up from 6.31% a year ago. Many home seekers are holding their breath for interest rates to cool next year in hopes of gaining more purchasing power.

Read more at The New Herald

2023-12-25 19:23:44
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