Did Florida Home Inventory Increase in July 2022? Depends - Michael Friedman Realtor eXp Realty Mike In Boca MikeInBoca.com

 


FL Home Inventory Up? Depends

Your Real Estate Professional


Florida housing inventory is up about 68% as of July 2022 over the previous year, according to an article by Jennifer Warner, economist and Florida Realtors Director of Economic Development. 

However, much of the increase is within the higher price points.

The amount of Florida homes on the market in the $150,000 to $300,000 range actually saw inventory drop, according to the Florida Realtors.

Apparently, investors have been aggressive in this price segment and first-time homebuyers are stretching their budgets in order to come up with a down payment on homes on the lower end of the price spectrum. 

Demand on the higher end of the price point seems to be impacted by the increased mortgage rates, which have limited the amount home buyers can afford. 

Locally, this trend holds true as single-family homes in Boca Raton with a median sales price of $945,000 had 3.9 months of inventory as of July 2022 versus 1.6 month a year prior. 

Boca Raton condos and townhomes had a median sales price of $350,000 in July 2022 and there was 2.1 months of inventory versus 1.8 months the previous year. 

This information comes from the Florida Realtors. 

The resources I have as a real estate professional allows me to analyze the local market trends to give my customers the best insight and provide a lot of value. 

Have a real estate need?

Schedule an appointment on my website https://www.mikeinboca.com/


Michael Friedman

Broker-Associate, Realtor

eXp Realty

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