Greater Fort Lauderdale Area Home Sales Down 30 Percent Annually in September

Greater Fort Lauderdale Area Home Sales Down 30 Percent Annually in September

Residential News » Fort Lauderdale Edition | By WPJ Staff | October 24, 2022 8:35 AM ET

According to the Miami Association of Realtors, total Broward County Florida residential sales decreased 25.1% year-over-year in September 2022, from 3,136 to 2,348 last month, because of rising mortgage rates and low inventory.

Broward single-family home sales decreased 30.6%, from 1,489 to 1,033. Broward condo transactions declined 20.2%, from 1,647 to 1,315.

Broward County single-family home median prices increased 13.1% year-over-year in September 2022, increasing from $499,450 to $565,000. Existing condo median prices increased 24.4% year-over-year, from $213,000 to $265,000.

Inventory of single-family homes increased 52% year-over-year in September 2022 from 2,323 active listings last year to 3,531 last month. Condominium inventory decreased 2.4% year-over-year to 3,624 from 3,712 listings during the same period in 2021.

New listings of Broward single-family homes decreased 9.2% to 1,497 from 1,649. New listings of condominiums decreased 16.6%, from 1,921 to 1,602.

Months' supply of inventory for single-family homes increased 80% to 2.7 months year-over-year, which indicates a seller's market. Inventory for existing condominiums increased 10% to 2.2 months, which also indicates a seller's market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Total active listings at the end of September 2022 increased 18.6% year-over-year, from 6,035 to 7,155.

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