Despite the record low number of homes for sale, prices and pending sales continue to rise.

Housing prices continue to exacerbate ongoing affordability challenges, as home appreciation continued to accelerate in November.

Downtown Miami’s residential real estate market is making a full recovery as area neighborhoods continue to see rapid development, according to a report from the Miami Downtown Development Authority (Miami DDA).

At the same time, the average 30-year fixed-rate mortgage rose to 3.33%, its highest level since April 2021, the Mortgage Bankers Association said.

Inflation concerns are influencing plans for homebuyers and sellers, according to a recent Redfin survey.

The Federal Reserve’s plan to raise rates and end its bond-buying program will accelerate demand for housing in the short-term, eventually putting downward pressure on median home prices, according to a press release from the MIAMI Association of REALTORS® (MIAMI). 

Housing affordability fell to its lowest level since 2008 in October as home prices rose 19.6%.

Nationally, housing prices were also on the rise, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. 

Florida ranked No. 2 in the country for most residents gained between July 2020 and July 2021, according to recent U.S. Census Bureau data.

“There was less pending home sales action this time around, which I would ascribe to low housing supply, but also to buyers being hesitant about home prices,” National Association of REALTORS® chief economist Lawrence Yun said.

“Fewer homes are selling because of a lack of supply, while demand remains strong.” — Redfin chief economist Daryl Fairweather

Since the initial stay-at-home orders were sparked by COVID-19, home improvement and remodeling projects have become increasingly popular. On average, homeowners spend $2,995 per project, according to a report. 

The median sales price of new homes hit a new high of $416,900.

Homebuyers’ interest in moving to a new metro area remains elevated above pre-pandemic levels as remote work becomes the new normal. In November, Miami was the most popular relocation destination of any major U.S. metro for the fourth straight month, according to a new report from Redfin.

The median existing-home sales price for all housing types rose again on an annual basis, marking 117 consecutive months of gains.

The seasonal housing cooldown may end early this year according to Zillow’s latest market report, which found the spring market thaw may be here before winter even begins.