home sale Miami-Dade County experienced a 26% decline, impacted by rising mortgage loan rates and rising home prices.
He Real estate market in Miami-Dade Have to face intense contractions. This decline in transactions comes in the context of rising property prices and tightening of financing conditions for buyers.
A recent report from the National Association of Realtors (NAR) showed that sales of pre-occupied homes in the United States will fall significantly in 2023, reaching their lowest level in nearly three decades.
Last year the total sales figure reached 4.09 million, representing a significant decrease of 18.7% compared to the previous period, with 1995 being the lowest sales year on record before this and 2007 being the year with a similar annual decline.
The national median home price set a new record of $389,800. This is a marginal increase compared to last year and the expectations of the average citizen to own a home are complicated.
Mortgage rates have been a determining factor, rising to peaks not seen since 2000, reaching 7.79% at the end of last October.
Purchasing capacity has become further limited due to scarce supply, creating a scenario where both buyers and sellers face obstacles in completing their transactions.
However, mortgage rates have declined slightly since November, a sign that could indicate increased demand for the upcoming peak home buying season.
Mortgage buyer Freddie Mac reported an average rate of 6.6% for a 30-year home loan last week.
The current challenges in the Miami-Dade real estate market are great, but residents are attentive to possible changes in the future, as experts suggest that rates may continue to decline, increasing interest from potential buyers.
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