ORIGINATOR NEWS BITES

West Palm Beach had the fifth biggest increase (12.8%, up from 11.1%).

> Percentage increase in year-over-year median single-family home price in Broward County, FL, increasing from $519K to $560K.

Million-dollar homes are making up a larger chunk of Florida’s housing stock because many parts of the Sunshine State are still seeing substantial upticks in home values and prices.

Florida was home to six of the 10 metros with the biggest home-value increases last year, and Miami, North Port, and West Palm Beach all saw 5%-plus annual price increases in January.

14.1%

> Amount of Miami homes worth at least $1 million.

7% median prices increased 7.9% year-overyear in February 2023, increasing from $519,000 to $560,000. Existing condo median prices increased 13.3% yearover-year, from $240,000 to $272,000.

Total active listings at the end of February 2023 increased 79.2% yearover-year, from 4,310 to 7,723.

Inventory of single-family homes increased 93.8% year-over-year in February 2023 from 1,639 active listings last year to 3,176 last month. Condominium inventory increased 70.2% year-overyear to 4,547 from 2,671 listings during the same period in 2022.

New listings of Broward single-family homes decreased 24.2% to 1,248 from 1,646 year-over-year. New listings of condominiums decreased 10.2%, from 2,088 to 1,874 year-over-year.

Percentage Of Miami Homes Worth $1M Or More Show Biggest Increase

Roughly 14.1% of Miami homes are worth at least $1 million, up from 11.5% a year ago, the biggest increase of the metros analyzed in a recent Redfin report. The next-biggest uptick is in North Port (11.3%, up from 9.1%).

Florida homes are holding their value because there’s still healthy demand from buyers, especially out-of-town remote workers moving in from more expensive parts of the country. Five of the nation’s 10 most popular migration destinations are in Florida, despite its status as the most hurricane-prone state in the U.S. Redfin agents report that homebuyers typically move in for the state’s relatively affordable homes, beaches, warm weather, and lack of a state income tax.

> Amount of homes worth at least $1 million nationwide, up from 4.2% just before the pandemic began.

Nationwide, just over 7% of U.S. homes are worth $1 million or more. That’s down from June 2022’s all-time high of 8.6% and essentially unchanged from a year ago — but it’s up from 4.2% just before the pandemic began.

Miami, Tampa Tops In Year-Over-Year Home Price Increases

The Miami area and Tampa topped the list of cities with the highest yearover-year increases in home prices in the United States from December 2021 to December 2022.

+15.9% reported lower prices in the year ending December 2022 versus the year ending November 2022.

“The cooling in home prices that began in June 2022 continued through year end, as December marked the sixth consecutive month of declines for our National Composite Index,” says Craig J. Lazzara, managing director at S&P Dow Jones Indices. “The National Composite declined by -0.8% in December, and now stands 4.4% below its June peak. For 2022 as a whole, the National Composite rose by 5.8%, the 15th best performance in our 35-year history, although obviously well below 2021’s record-setting 18.9% gain.”

+13.9%

According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, Miami led the way with a 15.9% year-over-year price increase, followed by Tampa with a 13.9% increase. All 20 cities measured

Miami-Dade County Pending Home Sales, Showing Appointments Rise

Two leading homebuying indicators — pending home sales and showing appointments — surged month over month in Miami-Dade County as the resilient South Florida market continues to illustrate its unique market demand in the face of elevated mortgage rates, according to January statistics released Feb. 21 by the Miami Association of Realtors and the Multiple

Listing Service system. Miami real estate, which posted its second-most total home sales in history in 2022 despite mortgage rates more than doubling over the course of the year, can expect to see more closed sales over the next coming months. It takes up to 40 days for pending sales to close and not all pending sales and showing appointments end in deals.

Showing appointments in the Southeast Florida MLS, which is owned by Miami Realtors, jumped 54.5% month over month to 233,144 showings. It marks the most showings in a month since May 2022 (245,225 appointments). Miami-Dade County total pending sales rose 35.5% month over month, from 1,688 in December 2022 to 2,288 in January 2023. It is the first monthover-month rise of total pending sales since August 2022.

“Miami is a unique market because of our high percentage of cash buyers, surging migration, and soaring number of international and domestic buyers,” Miami Chairman of the Board Ines Hegedus-Garcia said.

“Miami is shielded in a sense from interest rate hikes because of those fundamentals. While other major U.S. markets are seeing decreasing prices, the Miami market is still very strong and still appreciating.” b

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