According to data provided by the National Association of Realtors, existing US home sales experienced their largest ever annual decline in 2022, down 17.8% from 2021 levels. This is the largest annual drop since 2008 and the weakest year for home sales since 2014. During the month of December, sales declined for the eleventh consecutive month, down 34%, to a seasonally adjusted annual rate of 4.02 million units.
According to Lawrence Yun, NAR’s chief economist, “December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates,”. He further indicated, “However, expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”
Median existing home prices across all property types continue to rise. As of the end of December 2022, the median price was up 2.3% (year-over-year) to $366,900. This marks 130 consecutive months of year-over-year median home price increases which is the longest-running streak on record.
Housing inventory continued to decline, down 10.4% year-over-year to 970,000 units. Based on the current pace of sales, there is a 3.3-month supply of homes on the market at this time.
The average marketing time during the month of December 2022 was 26 days, up from 19 as of December 2021 and 24 days from the prior month.
The Florida Housing Market
With the exception of January, the number of closed sales transactions within the state of Florida has declined on a year-over-year basis. There were 429,490 closed sale transaction in 2022 which represents a decline of 19% from 2021. For the month of December 2022, the number of individual closed sales declined by 36.9% (year-over-year) to 27,994 transactions.
The median sale price across all property types for 2022 was $370,000, up 17% year-over-year but down slightly from $388,990 observed in June 2022.
Dr. Brad O’Connor, Chief Economist for the Florida Realtors, indicated that Florida’s housing market was “on a sugar high. Overall, closed sales in 2022 were pretty good when you look at the more ‘traditional’ housing market years of 2018 and 2019.”
He further stated, “The good news is, we have a lot more inventory than what we had over the pandemic years. Active listings of single-family existing homes more than doubled from a 1-month supply at the end of 2021 to a 2.7-months’ supply at the end of 2022. If we get a little relief in mortgage rates, then all the other factors are still there that make Florida appealing and a strong draw for buyer demand.”
Closed Sales – 2022
The number of closed sales transactions within the state of Florida has declined (year-over-year) for the last 11 straight months. As of December 2022, the number of individual closed sales declined by 36.9% to 27,994 transactions.
Closed Sales – Month by Month
| Month | Closed Sales | % Change YOY |
| Dec 2022 | 27,994 | -36.9% |
| Nov 2022 | 25,210 | -37.7% |
| Oct 2022 | 30,298 | -25.1% |
| Sept 2022 | 29,654 | -28.5% |
| Aug 2022 | 36,263 | -16.5% |
| July 2022 | 34,389 | -24.6% |
| June 2022 | 41,594 | -20.0% |
| May 2022 | 43,747 | -8.9% |
| Apr 2022 | 43,710 | -16.5% |
| Mar 2022 | 47,203 | -7.5% |
| Feb 2022 | 36,006 | -1.5% |
| Jan 2022 | 33,422 | 3.5% |
Median Sales Prices – 2022
Median sale prices continue to exceed their year-over-year averages but appear to be in process of a downward trend. During the month of December 2022, the median sale price across all property types was $365,000, up 6.8% year-over-year but down slightly from $388,990 observed in June 2022.
Median Price – Month by Month
| Month | Median Price | % Change YOY |
| Dec 2022 | $365,000 | 5.8% |
| Nov 2022 | $365,990 | 9.3% |
| Oct 2022 | $374,900 | 15.3% |
| Sept 2022 | $370,990 | 14.2% |
| Aug 2022 | $375,000 | 16.6% |
| July 2022 | $379,500 | 18.1% |
| June 2022 | $388,990 | 21.7% |
| May 2022 | $385,000 | 24.2% |
| Apr 2022 | $375,000 | 25.0% |
| Mar 2022 | $365,000 | 23.7% |
| Feb 2022 | $350,000 | 23.0% |
| Jan 2022 | $343,000 | 22.5% |
Active Inventory – 2022
Active inventory across all property types continues to improve throughout the state. For the month December 2022, inventory is up 95.5% year-over-year to 99,084 units. This represents an increase of more than 50,000 units from the 46,247 active homes on the market as of the end of January 2022.
Active Inventory – Month by Month
| Month | Active Inventory | % Change YOY |
| Dec 2022 | 99,084 | 95.5% |
| Nov 2022 | 103,016 | 81.8% |
| Oct 2022 | 100,428 | 65.7% |
| Sept 2022 | 96,277 | 52.5% |
| Aug 2022 | 93,101 | 47.4% |
| July 2022 | 90,022 | 44.1% |
| June 2022 | 79,015 | 36.7% |
| May 2022 | 61,318 | 8.8% |
| Apr 2022 | 51,234 | -13.3% |
| Mar 2022 | 46,247 | -28.2% |
| Feb 2022 | 44,715 | -39.1% |
| Jan 2022 | 46,944 | -43.8% |
The South Florida Housing Market
The South Florida existing-home market has continued its trend of lower overall sales. Closed sales during 2022 were down 21% year-over-year to 93,515 units. The overall dollar volume also declined by 15% to $63.8 billion.
The median home price across all property types for 2022 increased by 15% to $425,000 year-over-year.
Inventory improved with approximately 26,000 homes across all property types available for sale within South Florida. New listings across the tri-county area were down by 8% during the year.
The Greater Orlando Housing Market
The Orlando – Kissimmee – Sanford existing home market experienced a significant decline in 2022. Closed sales of 45,658 were down 19% year-over-year along with the overall dollar volume which was down by 5.5% to $20.1 billion.
The median home price across all property types increased by 18% to $381,145 year-over-year.
Inventory levels continued to improve with 8,050 homes across all property types available for sale, up 117% from a year ago. New listings across the metro area were down by 4.9% while new pending sales are down by 22%.
The Tampa Bay Housing Market
The Tampa – St. Petersburg – Clearwater MSA continued it’s downward trend during 2022. Existing-home sales were down 18% year-over-year to 64,467 units while dollar volume was down by 2.1% to $28.4 billion.
The median home price across all property types for 2022 increased by 22% to $365,000 year-over-year.
Inventory levels have improved by a staggering 152% (year-over-year) with almost 12,000 homes across all property types available for sale. New listings across the metro area were down 4.2% while new pending sales were also down by 20%.
The Greater Jacksonville Housing Market
During 2022, the greater Jacksonville housing market continued to experience generally slower market activity. Closed sales of 31,474 were down 17% year-over-year and the overall dollar volume was also down by 3.2% to $13.8 million.
Prices across all property types continue to rise by double digits – the median home price increased by 18% to $356,001 year-over-year.
Inventory continues to improve with approximately 7,100 homes across all property types available for sale within the greater Jacksonville area, a 99% increase year-over-year. New listings were down 9.8% while new pending sales also declining by 23%.
Are you thinking of selling?
Based on the most recent data, the current state of the residential market is changing fast. If you are a homeowner and are considering selling your personal residence, vacation home or investment property, now may be the perfect time to do so while prices are still strong.
Our team has assisted sellers not only throughout the state of Florida, but in most major markets nationwide. We take a highly methodical and deliberate approach when working with or clients and have specific strategies to help get the best value for the property.
To learn more about how we help our clients get the best possible price for their property, visiting our web site or contact us at info@quantumcos.com.
