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.   

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

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

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

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

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.

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

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. 

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

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

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.

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

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

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

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