Residential Real Estate News
Greater Fort Lauderdale Area Home Sales Down 30 Percent Annually in September
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.
