TFP File Photo For the ninth consecutive month, Miami in April topped other metro areas across the country in home-price increases when compared t
For the ninth consecutive month, Miami in April topped other metro areas across the country in home-price increases when compared to a year earlier, according to an analysis released Tuesday.
The Miami area had a 5.2 percent year-over-year increase, according to the S&P CoreLogic Case-Shiller Indices.
It was followed by Chicago, with a 4.1 percent increase, and Atlanta, with a 3.5 percent increase. Tampa, the only other Florida metro area in the analysis, had a 2.4 percent increase.
The median existing-home price for all housing types in May was $396,100, a decline of 3.1% from May 2022 ($408,600). Prices grew in the Northeast and Midwest but fell in the South and West.
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Properties typically remained on the market for 18 days in May, down from 22 days in April but up from 16 days in May 2022. Seventy-four percent of homes sold in May were on the market for less than a month.
First-time buyers were responsible for 28% of sales in May, down from 29% in April but up from 27% in May 2022. NAR’s 2022 Profile of Home Buyers and Sellers – released in November 2022 – found that the annual share of first-time buyers was 26%, the lowest since NAR began tracking the data.
All-cash sales accounted for 25% of transactions in May, down from 28% in April and identical to one year ago.
Individual investors or second-home buyers, who make up many cash sales, purchased 15% of homes in May, down from 17% in April and 16% the previous year.
Distressed sales – foreclosures and short sales – represented 2% of sales in May, virtually unchanged from last month and the prior year.
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According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.69% as of June 15. That’s down from 6.71% the previous week but up from 5.78% one year ago.
Single-family and Condo/Co-op Sales
Single-family home sales dipped to a seasonally adjusted annual rate of 3.85 million in May, down 0.3% from 3.86 million in April and 20.0% from the previous year.
The median existing single-family home price was $401,100 in May, down 3.4% from May 2022.
Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 450,000 units in May, up 4.7% from April but down 23.7% from one year ago. The median existing condo price was $353,000 in May, nearly identical to the prior year ($353,100).
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