South Florida’s luxury real estate market had fewer home and condo sales in 2022.

Homebuyers are returning, but sellers still aren’t filling the need as inventory remains low.

Homebuyer demand is rising, as mortgage applications rose 28% since November, and more prospective buyers are scheduling home tours.

The median sales price of a new home was down on a monthly basis but up on an annual one. 

House prices, however, continued to rise, marking the 130th consecutive month for price gains, the longest streak on record, the National Association of REALTORS® said.   

More buyers have entered the market in the past four weeks as mortgage rates fell.

The increase in builder confidence breaks a string of 12 straight monthly declines in the NAHB/Wells Fargo Housing Market Index. 

Single-family home and condo sales decreased in Palm Beach and West Palm Beach during the fourth quarter of 2022.

Miami will be one of the nation’s hottest housing markets in 2023, according to a recent Zillow forecast.

Florida had one of the highest net migrations in the country in 2022, according to a new report from North American Moving Services. 

Redfin attributes the drop to the record high mortgage rates, recession concerns, record low inventory, extreme winter weather and the holiday slowdown. 

A record share of sellers are giving buyers concessions including money for repairs and mortgage-rate buydowns.

Geographically, the largest home-price increases took place in the Southeast, led by Florida (18%), South Carolina (13.9%) and Georgia (13.6%), CoreLogic reported, citing its November Home Price Insights report.    

Homes linger on market longer as buyers take their time.

Miami was named a top 30 U.S. metro area on the Financial Health Index, released this month by TheCreditReview.

Regionally, the pending-sales index fell 7.9% month over month in the Northeast, 6.6% in the Midwest, 2.3% in the South and 0.9% in the West.