Home prices nationwide were up 7.7% year-over-year in July. At the same time, the number of homes sold fell 23.3% and the number of homes for sale rose 3.0%.
In July 2022, home prices in Florida were up 17.2% compared to last year, selling for a median price of $400,000. On average, the number of homes sold was down 26.6% year over year and there were 33,100 homes sold in July this year, down 45,070 homes sold in July last year. The median days on the market was 24 days, down 3 year over year.
Top 10 Metros in Florida with the Fastest Growing Sales Price
Freeport, FL 77.8%
Palm Beach Gardens, FL 63.9%
Weston, FL 47.0%
Doral, FL 44.7%
Pembroke Pines, FL 44.7%
Lauderhill, FL 44.3%
Merritt Island, FL 41.5%
Middleburg, FL 40.2%
Delray Beach, FL 39.4%
Seminole, FL 37.6%
Data based on homes listed and/or sold during the period:
The median home sale price was $373,750, up 7% year over year. Prices have declined 5.5% from the record high of $395,373 hit during the four-week period ending June 19. A year ago, they rose 0.6% during the same period.
Only two metro areas saw a year-over-year decline in the median home sale price: Oakland, CA, where prices fell 1.5% to $926,000 and San Francisco, where prices were down 2.8% to $1,463,125.
The median asking price of newly listed homes increased 11% year over year to $385,725. Asking prices are down 4.7% from the all-time high set during the four-week period ending May 22. Last year during the same period they were down just 0.3%.
The monthly mortgage payment on the median asking price home was $2,244 at the current 5.13% mortgage rate, up 35% from $1,665 a year earlier, when mortgage rates were 2.86%. That’s down from the peak of $2,463 reached during the four weeks ending June 12.
Pending home sales were down 17% year over year.
New listings of homes for sale were down 14% from a year earlier, the largest decline since June 2020.
Active listings (the number of homes listed for sale at any point during the period) fell 0.2% from the prior four-week period, the first decline since the four weeks ending Jan. 30, 2022. On a year-over-year basis, they rose 4%—the smallest increase since the four weeks ending July 3, 2022.
37% of homes that went under contract had an accepted offer within the first two weeks on the market, little changed from the prior four-week period but down from 44% a year earlier.
25% of homes that went under contract had an accepted offer within one week of hitting the market, little changed from the prior four-week period but down from 31% a year earlier.
Homes that sold were on the market for a median of 23 days, up from 21 days a year earlier and the record low of 17 days set in May and early June.
41% of homes sold above list price, down from 51% a year earlier.
On average, 7.7% of homes for sale each week had a price drop, a record high but unchanged from the prior four-week period.
The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, declined to 100.3% from 101.6% a year earlier. In other words, the average home sold for 0.3% above its asking price.
Florida Housing Supply
Are there enough homes for sale to meet buyer demand?
In July 2022, there were 128,780 homes for sale in Florida, up 8.3% year over year. The number of newly listed homes was 46,427 and down 5.5% year over year. The average months of supply is 3 months, up 1 year over year.
Florida Housing Demand
How competitive is the market?
In July 2022, 32.1% of homes in Florida sold below list price, down 4.4 points year over year. There were only 34.5% of homes that had price drops, up from 16.0% of homes in July last year. There was a 99.0% sale-to-list price, down 0.47 points year over year.
Even if sales do fall, the real estate market is still on track for a historically good year. Last year was an anomaly with the highest number of closings since 2007. Plus, fewer sales could give inventory levels a boost in a win for buyers who aren’t finding many properties for sale.
“Were it not for last year’s extraordinary sales numbers, this would be a very good year,” says Thuany . “We’re a long way from a crash.”
In some welcome news for buyers, all of these forces at play are expected to give the number of homes for sale a big boost. Inventory is expected to increase by 15% this year. That’s a game changer for the market and is a significant jump from an earlier estimate of just a 0.3% bump.
Thuany Lauria
International Realtor
Email thuany@lauriaestates.com Phone+1 (305) 606.2064
Website https://www.lauriaestates.com
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