Buyers struggle to buy houses – NBC 6 South Florida

Home prices have decreased significantly in the United States since 2022, but a near-record shortage of available houses means that sales have dropped despite the lower costs, according to the National Association of Realtors. The South Florida market, however, remains the second most expensive in the state of Florida.

This year’s decline in the cost of a home at the national level is the steepest plunge since Dec. 2011, when the housing market remained on the mend following the mid-2000s housing bust.

In May, the price of a house increased slightly alongside the amount of sales compared to the month before, but both have sunk in relation to last year. House sales dropped 20.4% between May of 2022 and May of 2023.

House-hunters are struggling to find a place as homeowners are reluctant to sell.

The amount of available homes fluctuated similarly to prices. The number of available homes increased by 3.8% from April to May, but decreased by 6.1% since last year.

The National Association of Realtors’ Chief of Economics, Lawrence Yun, explained that the housing market is competitive due to a shortage of homes for sale at the national level.

One third of the homes that were purchased in May sold for more than their listed price.

The number of first-time buyers shrunk too – accounting for 28% of home sales last month, down from 29% in April.

Still, the South Florida metropolitan area had the second highest median prices in May in the state of Florida.

Florida Realtors released a report that showcased the statewide median sales price for single-family existing homes in May was $419,900. This were the median sales prices by metropolitan statistical area:

— Naples-Immokalee-Marco Island: $810,000

— Miami-Fort Lauderdale-West Palm Beach: $610,000

— North Port-Sarasota-Bradenton: $513,000

— Cape Coral-Fort Myers: $445,000

— Crestview-Fort Walton Beach-Destin: $441,500

— Orlando-Kissimmee-Sanford: $435,000

— Port St. Lucie: $415,000

— Sebastian-Vero Beach: $412,000

— Tampa-St. Petersburg-Clearwater: $406,730

— Jacksonville: $393,015

— The Villages: $383,500

— Punta Gorda: $375,000

— Panama City: $370,400

— Gainesville: $365,000

— Palm Bay-Melbourne-Titusville: $365,000

— Deltona-Daytona Beach-Ormond Beach: $355,990

— Lakeland-Winter Haven: $340,000

— Tallahassee: $336,250

— Pensacola-Ferry Pass-Brent: $334,950

— Ocala: $285,000

— Homosassa Springs: $279,000

— Sebring: $276,274