The Miami real estate market has moderated a bit of the madness of the past two years, but prices have risen again.
Why is this important: Any relief is welcome by reception seekers, especially since mortgage rates are rising.
By the numbers:
- Miami’s median home sale price was $470,000 in January, up 8.05% from a year ago and 3.3% from December.
- Inventories increased by 10% compared to last year.
- The median number of days homes remained on the market in January was 71, up eight days from a year earlier.
Zoom out: Nationally, median home sales prices were up 1.3% from a year ago.
- The national median home sale price in January was $383,000.
- Sales fell for the 12th consecutive month, according to the latest news from the National Association of Realtors.
- As demand decreases, homes stay on the market a little longer, giving buyers a little more room to negotiate.
And after: Spring, which is usually marked by high demand, increased competition and higher house prices, is fast approaching.
- If spring 2023 follows typical trends, we should expect house prices to rise again in the near future.
- Yes, but: Experts predict 2023 will see a much less frenetic housing market than in 2022.
The bottom line: We are starting to see a moderate market correction, but home values are not falling.
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