Miami’s housing market took something of a breather in September, as days on market rose 7.4% from August, and months supply of inventory fell 11.9%, according to RE/MAX’s National Housing Report.
The number of closed sales fell 14.3% month over month, while active inventory fell 6.8% to 19,683. Median sales prices slid 1.3% to $390,000, but that’s still up 14.6% from September 2020.
Nationally, closed transactions were down 7% from August, compared to an average pre-pandemic decline of 15.3% between 2015 and 2019.
The median sales price clocked in at $329,000, a 1.1% monthly decline, compared to an average drop of 3.4%. Year over year, the median sales price was up 12.5%. Home sellers have enjoyed annual increases in sales prices for 33 consecutive months, RE/MAX said in a press release.
At the same time, the 4.9% month-over-month decline in active inventory was more than double the average August-September decline of 2.3%. Through September, June and July were the only months in which the national active inventory did not decline on a monthly basis.
“Affordability remains a challenge in most metros, where tight inventory continues to push prices,” RE/MAX LLC President Nick Bailey said. “Homebuilders are trying to fill the gap — especially with multi-family home construction — but many of them are held up by shortages in labor and materials. That said, the market’s still active — just not quite at the pace we saw earlier this year.”