The median age of inventory in Miami is 63 days, down from 98 before the pandemic began.

Looking ahead, CoreLogic expects national year-over-year appreciation to slow to 3.9% by September 2023. 

A 30-year fixed-rate mortgage rose to 7.08% this week from 6.94% a week ago, Freddie Mac reported. A year ago, the average mortgage carried a 3.14% rate. 

Mortgage rates continued to weigh on homebuyers in September, following a brief uptick in new-home sales in August.  

At the same time, mortgage applications declined 1.7% on a seasonally adjusted basis on a week-over-week basis, according to the Mortgage Bankers Association. 

So far in 2022, the highest dollar volume among international buyers in the U.S. comes from China, followed by Canada, India, Mexico, Brazil and Colombia.

In Miami, home prices posted a 28.6% year-over-year gain in August — the largest in the country — compared to a 31.7% gain in July. Month over month, prices fell 0.1%.

Home values are 25% above affordability norms, the worst it’s been in years, according to a new report from Zillow.

“After a sustained period of quick sales that kept the housing cupboard relatively bare, a supply of two months presents a lot more options for homebuyers,” said RE/MAX President and CEO Nick Bailey.

The only other time the market saw such change was at the beginning of the pandemic. 

Month over month in September, existing-home sales slid 1.5% to 4.71 million, which is 23.8% lower than the year before. 

New home construction missed analyst estimates in September, falling 8.1% month over month to an annual rate 1,439,000 homes, according to government statistics. 

Miami’s median rent asking price in September was $3,080.

The report shows decreases in sales prices, as well as an overall increase in days on the market. While this could be due partially to high interest rates, Bailey says the shift in the market could open up opportunities for buyers who’ve had to put their plans on hold.

The median price for a home in the Miami area in September was $599,000, an increase of 28.3% compared to the same month last year.

Approximately 58% of homebuyers say they’d be willing to purchase a haunted house — and nearly 25% think they already have.