Jul 7, 2023 - Real Estate

Metro Miami's home listing prices are down 3.2% from 2022

Illustration of a welcome mat that says SIGHHH instead of welcome.

Illustration: Brendan Lynch/Axios

High home prices and interest rates have weakened demand in the local housing market — but just by a bit.

What's happening: The U.S. median home listing price slipped 0.9% compared to a year prior, the first annual decline since 2017, according to Realtor.com's June Monthly Housing Trends Report.

  • Since June 2022's record high of $449,000, the median listing price of homes for sale dropped a smidge to $445,000.

Zoom in: In the Miami-Fort Lauderdale-Pompano metro area, the median listing price this June was $605,000, down 3.2% from 2022.

  • Locally, there were 28.8% fewer homes for sale than last year, and they were spending an average of 62 days on the market, which is 25 days longer than last year.

Zoom out: Of the 50 largest U.S. metros, 15 saw their median list prices decline.

  • Austin (-6.8%), Houston (-5.1%) and Raleigh, N.C. (-4.2%) saw the biggest drops.

Yes, but: Don't get too excited if you're home shopping.

  • "While this could feel like a welcome relief for buyers, our revised 2023 outlook expects only a modest drop in home prices of 0.6% for the year" nationally, Danielle Hale, chief economist for Realtor.com, said in a statement.
  • The median list price is still 39.1% more than pre-pandemic levels in June 2019.

What they're saying: Historically, there are usually about 20,000 properties for sale in Miami-Dade, but May 2023 statistics released by the Miami Association of Realtors put that inventory at just 9,331.

  • "Supply is increasing each month and we are beginning to see a normalizing market, which will translate to flexibility from sellers and more equitable contract terms that favor both sides," the group's chairman, Ines Hegedus-Garcia, said in a statement in late June.

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