Home sales decline in Miami-Dade

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.

(Tags to translate)Miami News(T)International(T)House Rent(T)Miami Community(T)Economy & Business(T)Miami-Dade(T)Sales(T)Housing

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