By the Numbers
Pricing on South Florida single-family homes and condos continues to show strong year-over-year gains, the latest market report shows.
The inventory of unsold homes increased in April, while the median existing-home sales price rose, according to the National Association of REALTORS®.
“Builders are responding to higher mortgage rates and are chasing rising rents, with fewer homebuyers and more renters being forced to renew their leases.” — NAR Chief Economist Lawrence Yun
The release of the monthly survey from the National Association of Home Builders comes as the Biden Administration unveiled a housing-supply action plan that aims to boost the supply of affordable apartments and new homes.
The Tax Foundation’s 2022 State Business Tax Climate Index ranked Florida fourth on its list. Wyoming was No. 1 and New Jersey was last.
The data illustrates the struggle for first-time homebuyers trying to get a foot in the housing door in the country’s largest markets.
Despite a slow start to the spring homebuying season, prospective buyers are showing some resiliency in the face of higher mortgage rates, as seen by two weeks in a row of increasing loan applications.
Seventy percent of the 185 metros surveyed by the National Association of REALTORS® saw double-digit price gains in the first quarter, compared to 66% in the preceding period.
Overall mortgage-application volume was at its lowest level since 2018, the Mortgage Bankers Association said.
Within the 20-City Composite Home Price Index, Phoenix (32.9%), Tampa (32.6%) and Miami (29.7%) showed the biggest annual percentage growth.