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. 

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.

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

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

Looking ahead, CoreLogic expects national year-over-year appreciation to slow to 3.9% by September 2023. 

A 30-year fixed-rate mortgage rose to 7.08% this week from 6.94% a week ago, Freddie Mac reported. A year ago, the average mortgage carried a 3.14% rate. 

Mortgage rates continued to weigh on homebuyers in September, following a brief uptick in new-home sales in August.  

At the same time, mortgage applications declined 1.7% on a seasonally adjusted basis on a week-over-week basis, according to the Mortgage Bankers Association. 

So far in 2022, the highest dollar volume among international buyers in the U.S. comes from China, followed by Canada, India, Mexico, Brazil and Colombia.

In Miami, home prices posted a 28.6% year-over-year gain in August — the largest in the country — compared to a 31.7% gain in July. Month over month, prices fell 0.1%.

Month over month in September, existing-home sales slid 1.5% to 4.71 million, which is 23.8% lower than the year before. 

New home construction missed analyst estimates in September, falling 8.1% month over month to an annual rate 1,439,000 homes, according to government statistics. 

The median price for a home in the Miami area in September was $599,000, an increase of 28.3% compared to the same month last year.