Miami-Dade housing prices stay hot as sales wane. Find out when price declines expected
Read more at: https://www.miamiherald.com/news/business/real-estate-news/article263659728.html#storylink=cpy
South Florida’s home prices broke records yet again in June, despite a huge drop in sales compared with a year ago. The sales retreat finally may be a promising sign for buyers waiting on the sidelines for months hoping for cheaper price tags. One housing expert predicted that regional home prices would begin a decline early in 2023, and by late next year fall by up to 30%. Median prices of existing home sales sharply increased in Miami-Dade and Broward counties, as the limited supply of available homes continued pushing prices further out of reach for most buyers. The region remains in a protracted and severe housing affordability crunch, experts say.
Miami-Dade reported a median sales price of $579,000 for single-family homes last month, a jump from $500,000 a year ago, and $410,000 for condominiums, up from $340,000 in June 2021. In Broward houses fetched a median price of $590,000, up from $498,203 in June 2021, and $265,000 for condos from $221,000 a year ago, according to a June housing report released Wednesday by the Miami Association of Realtors. Since September, there’s been a steady climb in prices from $485,000 in Miami-Dade for single-family homes. In Broward, it’s been the same monthly trend upward since November, for both houses and condos, from $485,000 and $232,500, respectively. Condo prices continue fluctuating in Miami-Dade, dropping slightly from May to June.
Read more at: https://www.miamiherald.com/news/business/real-estate-news/article263659728.html#storylink=cpy