Despite a sharp increase in interest rates on mortgages and other challenging market dynamics, South Florida’s median home prices again posted double-digit annual growth in October.
Prices for single-family houses and condominiums in Broward and #Miami-Dade counties rose 10% to 20% last month compared with October 2021, according to the latest monthly sales report from the Miami Association of Realtors.
While the residential real estate market is wilting in many parts of the United States, the price of homeownership in South Florida continues moving further out of reach for a big chunk of the middle class. That’s despite a decline in total annual home sales and the highest inventory of homes available this year in the region, in addition to interest rates more than double last year’s level.
How can this housing market keep getting more expensive when the fundamentals typically needed to hold or reduce prices are in place? There’s still a long line of buyers from across the country and overseas buying homes here, undaunted by the price tags, real estate experts say. That leaves many aspiring middle-income and first-time buyers waiting on the sidelines, continuing to rent.
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