Five Straight Months of U.S. Existing Home Sale Declines
According to the National Association of Realtors, existing-home sales were down 14.2% year-over-year and 5.4% month-over-month to a seasonally adjusted annual rate of 5.12 million units. This marks five straight months of a decline in sales.
According to Lawrence Yun, NAR’s chief economist, “Falling housing affordability continues to take a toll on potential home buyers”. He further indicated, “Both mortgage rates and home prices have risen too sharply in a short span of time.”
Despite the decline in sales, the median existing home price across all property types continued to rise. As of the end of June 2022, the median price was up 14.8% (year-over-year) to $416,000. This marks 124 consecutive months of year-over-year median home price increases, which is the longest-running streak on record.
Housing inventory is improving with 1.26 million units available for sale as of the end of June 2022, an increase of 9.6% from May and 2.4% year-over-year. Based on the current pace of sales, there is a 3.0-month supply of homes on the market at this time.
The average marketing time for June 2022 was 14 days, down slightly from 16 days in May 2022 and 17 days in June 2021.
The Florida Housing Market
According to 2022 Florida Realtors President Christina Pappas, “Our data trends indicate for-sale inventory levels are beginning to rise, which could help lessen the pressure of rising prices and housing affordability for buyers over time”. She also indicated, “Still, the median time to contract statewide for single-family existing homes in June was 10 days compared to eight days during the same month a year ago. The median time to contract for existing condo-townhouse units was 12 days compared to 17 in June 2021″.
Closed Sales – June 2022
The number of closed sales transactions within the state of Florida has declined (year-over-year) for five straight months. As of June 2022, the number of individual closed sales declined by 20.0% to 41,594 transactions. Single family home sales were down by 8.5% to 28,296 transactions while condominium & townhome sales declined by 27% to 11,796 transactions.
Closed Sales – Month by Month
|Month||Closed Sales||% Change YOY|
While there a declining trend in year-over-year sales, it should be noted that the number of sales in June 2022 is fairly consistent with the median and average monthly sales number for the prior 12 months.
Median Sales Prices – June 2022
Median sale prices continue to climb across the entire state. For June 2022 the median sale price across all property types was up 21.7% (year-over-year) to $388,990. During the same period, the median sale price of single-family homes improved by 19.7% to $420,000 while condominiums & townhomes improved by 26.4% to $324,900. Average sales prices were also up by 13.9% for single-family homes ($595,253) and up by 21.6% for townhomes & condominiums ($475,395).
|Month||Median Sale Price||% Change YOY|
Active Inventory – June 2022
Active inventory across all property types has improved during 2022. For the month of June 2022, inventory is up 36.7% year-over-year to 79,015 units. This is also a substantial improvement from the 46,247 active homes on the market as of the end of January 2022. Single-family home inventory is up 61.8% to 53,115 units while townhomes & condominiums was down by 2.4% to 23,005 units.
|Month||Active Inventory||% Change YOY|
The South Florida Housing Market
Due to rising interest rates and increasing home prices, the South Florida existing-home market has continued to slow. During the month of June 2022 closed sales were down 26% year-over-year to 8,833 homes. The overall dollar volume also declined by 17% to $6.7 billion.
The median home price across all property types for June 2022 increased by 19% to $450,000 year-over-year. Luxury transactions across South Florida for $1 million or more continued to impact the median and average values.
Inventory continues to remain below historical levels with approximately 21,000 homes across all property types available for sale within South Florida. New listings across the tri-county area were up slightly by 2.7% to 12,898. Pending sales also continue to decline with 7,969 new pending sales for the month of June 2022.
The Greater Orlando Housing Market
As similar to most other major markets within Florida, the Orlando – Kissimmee – Sanford existing home market continued to slow during the month of June 2022. Closed sales of 4,365 were down 18% year-over-year along with the overall dollar volume which was down by 2.9%.
The median home price across all property types for June 2022 increased by 22% to $395,000 year-over-year. Luxury transactions in the metro area Orlando area for $1 million or more continued to impact the median and average values.
Inventory levels improved substantially with 7,005 homes across all property types available for sale – up 56%. New listings across the metro area were also up 14% to 6,380 while new pending sales are down by 22% to 3,933 units.
The Tampa Bay Housing Market
Similar to the South Florida and metro Orlando areas, the Tampa – St. Petersburg – Clearwater MSA existing-home market slowed during the month of June 2022. Closed sales of 6,159 were down by 17% year-over-year; however, the overall dollar volume was up by 4.9% to $2.9 billion due to increasing home prices.
The median home price across all property types for June 2022 increased by 27% to $385,000 year-over-year. Luxury transactions in the Tampa Bay for $1 million or more continued to heavily influence the median and average values.
Inventory levels have improved by 71% (year over year) with approximately 8,900 homes across all property types available for sale. New listings across the metro area were also up by 12% to 8,685 while new pending sales were down by 20% to 5,482 units.
The Greater Jacksonville Housing Market
During the month of June 2022, the greater Jacksonville housing market has also changed it’s trend. Closed sales of 3,221 were down 14% year-over-year while the overall dollar volume was up by 3.4% to $1.5 billion.
Prices across all property types continued to rise at rapid pace – the median home price increased by 21% to $375,000 year-over-year. Luxury transactions in the Jacksonville continued to influence the market values.
Inventory has improved with approximately 5,800 homes across all property types available for sale within the greater Jacksonville area, up 41% year-over-year. New listings were up 9.4% to 4,369 homes while new pending sales declined by 20% to 2,805 homes.
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.