Home sales decreased by 5.9% during October 2022

As NAR explains, Existing home sales total sales of existing homes have declined ;do 5.9% during the month of October 2022This report includes complete transactions of single family, townhouses, apartments and cooperatives. This decrease has been occurring gradually since October 2021, month after month the number of sales closed monthly has been declining.

In the last 12 months home sales have declined an average of 28.4%. According to Lawrence Yun, chief economist at the NAR, I attribute this drop of sales to the increase in the value of mortgage rates, which caused Many potential buyers were left out of the possibility of being approved for a mortgage loan. Added to this is price inflation, which has caused many people who were at the beginning of the purchasing process to take time to reconsider and evaluate their options.

It's not all bad news for sellers

Despite this whole situation, the most beneficiaries continue to be the sellers, the inventory of houses is still below the annual average, and there are still many buyers looking for homes to purchase. During the month of October 2022, the average price for the sale of a home was $355,700 an increase of 6.6% since the same month of 2021.

Although sales have declined, the inventory is still not enough to satisfy the needs of hundreds of buyers, not only local, but also foreign investors who see great business and growth opportunities in Florida. Houses listed for sale last an average of 21 days on listing and receive an average of 7 purchase offers.

We live in times of a very volatile and changing real estate market and being well advised by a team of professionals is vital if you want to make a transaction that brings you the greatest amount of benefits. At Negocio Miami we have more than 10 years of experience in Real Estate, contact us and get professional advice em> to buy or sell your property in Florida.