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Issue link: http://digital.themreport.com/i/1501025
June 2023 » thefivestar.com 55 J O U R N A L June 2023 listed one at $650,000 that got multiple offers and went pending in under 48 hours." In Fort Lauderdale, Florida, home prices are up 9% year over year, more than anywhere else in the United States except Milwaukee. Redfin team manager Andrea Duke said Fort Lauderdale prices are holding up well because South Florida is a popular destination. "There's almost always demand for this area because people move here for the weather, and a lot of them pay in cash," Duke said. "If a home is priced well and it's in great shape, the seller will get multiple offers. But the market isn't quite as hot as it was last year; most buyers are still including contin- gencies in their offers." Key housing market takeaways for 400+ U.S. metro areas: » The median home sale price was $371,875, down 2.7% from a year earlier, the smallest decline in a month. Prices are up about 7% from the start of the year, a typical seasonal increase. » Home-sale prices declined in 28 metros, with the biggest drops in Austin, Texas (-17.8% YoY), Oakland, California (-16.3%), San Francisco (-13.1%), Las Vegas (-11.4%), and San Jose, California (-9.6%). Those are the biggest declines since at least 2015 for Oakland and Las Vegas. » Sale prices increased most in Milwaukee (9.2%), Fort Lauderdale, Florida (9%), New Brunswick, New Jersey (6.4%), Indianapo- lis (4.9%), and Newark, New Jersey (4.4%). » The median asking price of newly listed homes was $398,429, down 0.3% from a year earlier. Although it's small, that's the first time asking prices have posted an annual decline since May 2020. » The monthly mortgage payment on the median-asking-price home hit a record high of $2,573 at a 6.39% mortgage rate, the current weekly average. That's up 9.5% ($224) from a year earlier. » Pending home sales were down 14.6% year over year, the smallest decline in two months. That doesn't necessarily mean pending sales are improving; instead, it reflects buyers backing off last spring as mortgage rates rose. » Pending home sales fell in all metros Redfin analyzed. They declined most in Seattle (-33.4%), San Diego (-31.2%), Port- land, (-28.9%), Sacramento (-27.9%), and Milwaukee (-27.3%). » New listings of homes for sale fell 24.3% year over year, the second-biggest decline since May 2020 (the biggest was during the four weeks ending April 9, which included the Easter holiday). » New listings declined in all metros. They fell most in Seattle (-42.9% YoY), San Diego (-41.2%), Oakland (-41.1%), Las Vegas (-40.8%), and Anaheim (-39.3%). » Active listings (the number of homes listed for sale at any point during the period) were up 1.8% from a year earlier, the small- est increase since last June. Active listings fell slightly (-0.4%) from a month earlier; typically, they post month-over-month increases at this time of year. » Months of supply—a measure of the balance between supply and demand, cal- culated by the number of months it would take for the current inventory to sell at the current sales pace—was 2.7 months, up from two months a year earlier. Four to five months of supply is considered balanced, with a lower number indicating seller's market conditions. » 48.4% of homes that went under contract had an accepted offer within the first two weeks on the market, down just slightly from 50% a year earlier and up from 46% a month earlier. Typically, we see month- over-month declines at this time of year; in all but two of the last eight years, this metric peaked in March. » Homes that sold were on the market for a median of 31 days, the shortest span since September. That's up from a record low of 18 days a year earlier. » 32.9% of homes sold above their final list price. That's the highest share since September but is down from 54% a year earlier. » On average, 5.1% of homes for sale each week had a price drop, up from 3.4% a year earlier. » The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, was 99.5%. That's the highest level since September but is down from 102.6% a year earlier. With such scarce inventory hitting the market, homeowners remain handcuffed to their houses by low rates as mortgage rates continue to rise, making homeownership difficult for many Americans.