According to expert data, in May 2023, the growth of housing prices slowed down, and housing stocks continued to decline. The average price of residential real estate in Miami in May was $608,000, which is 2.3% less than in 2022.
In total, housing prices fell in 21 of the 50 metropolitan areas of the United States. According to economists, April and May are historically popular months for buyers, and usually at this time of year the market exceeds the peak housing prices in the previous year. The weakening of price growth over the past 12 months increases the likelihood that there will not be a new peak in house prices in 2023, which is good news for potential buyers. The good news for sellers is that the number of buyers is not decreasing. They are actively looking for properties that meet their needs and budget.
Selling houses now takes longer than in the past. In May 2023, it took two weeks more than a year ago. At the same time, on average, houses were on the market for 43 days. This is 14 days more than in 2022, and it is 9 days faster than before the pandemic.
House price growth stopped in May: the average price increased to $441,000 compared to $430,000 in April, but decreased by 1.7% compared to a record high of $449,000 in June 2022. This annual growth rate slowed in May to just 0.9%, which is the lowest price growth rate in the entire history of observations.