In May, real estate stocks in Florida increased, but the average price did not change. On average, the annual cost of a single-family home is now $419,000. The average price of an apartment has increased by 0.9% and is currently equal to $325,000.
According to experts, the pace of price growth has slowed down. This is good news for buyers. At the same time, constantly high levels of mortgage rates remain a problem.
In May 2023, sales of single-family homes across the state totaled 26,396, which is 8.5% less than in 2022. At the same time, 11,392 townhouses were sold, which is 14.1% less than in May 2022.
The monthly number of closed sales of existing single-family houses in Florida, as well as in the US as a whole, has declined since mortgage rates began to rise just over a year ago. Higher mortgage interest rates not only reduce sales activity, but also continue to stop some homeowners from selling. This is especially true for those who need to finance the purchase of another house in addition to the sale of the current one.
As for the supply on the market, stocks have increased compared to last year.