According to the Miami Association of Realtors, Miami-Dade County residential property sales transactions in October 2022 decreased 30.6% year-over-year, from 2,978 in October 2021 to 2,067 today, because of high mortgage rates, economic uncertainty and low inventory.
Based on CoreLogic's latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas, consistent evidence of a single-family rental market cooldown follows nearly two years of above-trend rental price hikes.
An overwhelming majority of U.S. metro markets saw home price gains in the third quarter of 2022 despite mortgage rates that approached 7% and declining sales.
According to national property broker Redfin, pending home sales plunged 58% year over year in the Cape Coral, FL metro area during the four weeks ending Oct. 16, 2022, in the aftermath of Hurricane Ian. That's nearly twice the nationwide decline of 32%.
The greater Miami real estate market experienced a 28.1% year-over-year home sales decrease in September 2022, diving from 3,031 homes sold last September to 2,178 last month, because of rising mortgage rates and low inventory.
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