Current Market Data

New-home sales post surprise gain in October as median price hits new high 

New-home sales rose 7.5% month over month, while the median price of a new house surged to $493,000 from $455,700 in September and $427,300 a year ago, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.   

Mortgage applications rise as home supply sees record increases

That wasn’t the only good news as the end of the month neared.

Pending home sales drop 32.1% in October, the steepest year-over-year decline in nine years

If inflation continues to cool, the historic slowdown could ease.

MBA: New-home mortgage applications fall in October 

The pace of new single-family home sales, meanwhile, fell 6.1% from September to 598,000. 

NAR: Existing-home sales fall again in October as prices continue to rise 

The median existing-home price rose for the 128th month in a row, extending its record-breaking streak of increases. 

Miami Beach ZIP code 33109 named one of the priciest in the nation for real estate

From January through October of this year, the Fisher Island ZIP code had a median home sale price of $5.2 million, fourth-highest in the nation.

Housing starts slow in October but remain elevated 

The number of homes under construction rose during the month, as homebuilders continued to work through a large backlog of homes. 

MBA: Mortgage applications rebound on lower rates 

The largest single-week decline in conventional mortgage rates since July brought the first increase in home-loan applications since September, the Mortgage Bankers Association said. 

Pandemic boomtowns — including Miami — hit hardest by inflation

Miami, Phoenix, Atlanta and Tampa each saw double-digit consumer price index percentage growth year over year.

Home-price growth slows as early-stage demand levels off

It’s not the only metric decelerating in today’s market. Inflation is also starting to slow which is helping bring down mortgage rates.

Resilient Miami Condo Market Record Sales
South Florida luxury properties continue to rise in value while total transactions dip

South Florida collectively recorded a 15.3% year-over-year drop in total sales of single-family homes worth $1 million and up in the third quarter of the year.

Miami ranked one of the best metro areas for cashing in on downsizing

Downsizing from a four-bedroom home to a two-bedroom home in South Florida would save the typical homeowner more than $322,000.

Market changes put buyers in the driver’s seat

From dropping home prices, increased inventory and homes staying on the market longer, today’s buyers should look at the upside to what the market means for their prospects.

Homebuyer demand stabilizes as mortgage rates dip

Homebuyer demand is starting to stabilize as October home sales posted the largest decline since 2015, according to a new report.

Miami named one of the cities with the best real estate prospects in 2023

The 44th edition of the in-depth forecast report examined 80 cities to determine trends in the real estate industry for 2023.

Homes staying on the market longer, sellers feeling the pressure

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

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