According to a new report, the number of bidding wars for homes at the national level has dropped for the first time in six months. Not surprisingly, with home prices and mortgage rates both rising, more buyers are being priced out of the market. However, there is still plenty of competition in the market for home buyers. Below we will take a look at various market indicators both at the national and the local (South Florida) levels:
National Scorecard (year-over-year look at market indicators)
| REPORT | 1 YEAR AGO | CURRENT | + / – |
| Interest rates | 3.17% | 4.42% | – |
| Pending home sales | 110.9 | 104.9 | – |
| Builder confidence | 72 | 79 | + |
| Unemployment | 6.2% | 3.8% | + |
Local Scorecard (Palm Beach, Broward, & Dade counties)
| REPORT | 1 YEAR AGO | CURRENT | + / – |
| UNEMPLOYMENT | 5.9% | 2.8% | + |
| HOUSING STARTS | 1,152 | 1,518 | + |
| EXISTING-HOME SALES | |||
| Miami-Dade | 3,751 | 3,939 | + |
| Broward | 4,021 | 3,703 | – |
| Palm Beach | 3,362 | 2,558 | – |
| HOUSING INVENTORY | |||
| Miami-Dade | 13,456 | 7,040 | – |
| Broward | 7,867 | 4,112 | – |
| Palm Beach | 6,639 | 3,365 | – |
| DAYS ON MARKET | |||
| Miami-Dade | 76 | 61 | + |
| Broward | 60 | 50 | + |
| Palm Beach | 63 | 51 | + |
Summary
Overall, at both the national and local levels we have seen an improvement in unemployment numbers. Of course, this difference is to be expected given where we were with the pandemic a year ago. Not surprisingly, higher interest rates are certainly presenting challenges at the national level.
As for the South Florida market, perhaps the most glaring figure is the dramatic decrease in housing inventory. As we continue to see more Americans migrating to South Florida, this challenge is expected to persist for the foreseeable future. If you are a buyer in the South Florida market, it is critical that you work with a local and knowledgeable real estate agent. Your first step to success is to contact Live South Florida Realty, Inc. at (561) 352-6932.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
