The median price of a new home sold during the month was up 5.9%, however, according to figures from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Nationally, the median sales price slid 2.9% from June but rose 8.1% from July 2021, while closed transactions were down 16.6% on a monthly basis and 26.3% on a yearly one, RE/MAX said in its National Housing Report.

Homes continued to sell quickly, a median of 13 days to contract, even as inventory increased.

A recent decline in mortgage rates could return some purchasing power to buyers going forward, National Association of REALTORS® chief economist Lawrence Yun said. 

The pace of housing starts for both single-family and multifamily residences was down on a month over month basis, the U.S. Department of Housing and Urban Development reported. 

In Miami, 37.6% of offers faced competition last month.

The NAHB/Wells Fargo Housing Market Index fell for the eighth straight month in August, as the key measure of builder confidence indicated a pessimistic outlook. 

Delray Beach is the No. 2 city in the analysis for average host income in the first quarter of 2022.

Homebuyers may catch a break this month as rates have come down nearly a point from the recent high on fears of a recession.

Coral Gables has the sixth-highest average monthly rent in the country at $4,310.