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September 2020 Miami Real Estate Market Update
Dated: September 18 2020
September Market Update!
What’s going on with the real estate market here in Miami?
Inventory levels… Check out the graph in the video. It shows the inventory of the number homes and condos for sale over the last year. While there is roughly the same amount of condos for sale as last year, the number of single family homes and townhomes for sale, are down to only about 60% of what they were last year at this time. While the inventory levels for these homes across the board are down, it is more extreme in the lower price points, with less than 2 months of inventory for homes priced $500,000 and below. That is extremely low, creating a lot of competition for homes. While inventory is down, the number of sales for single family homes and townhomes has rebounded to normal levels, but they are down about 12% overall for condos.
With all this craziness going on with the inventory levels, what’s going to happen with home prices?
Well, The CoreLogic Home Price Index for July 2020 shows U.S. home prices increased 5.5% year over year, which was the highest annual increase in almost two years. It was a combination of strong demand, low mortgage interest rates and low supply of for-sale homes that pushed home prices up. Going forward, while home price growth is predicted to slow through the next year nationally due to high unemployment, price growth is predicted to stay positive and Home prices are forecast to slow to a modest 0.6% increase from July 2020 to July 2021.
And now for mortgage rates. AGAIN! mortgage rates hit an historic low! Mortgage rates remain historically low and the 30-year fixed-rate mortgage average hit 2.86% last week, according to Freddie Mac.
In summary, it’s a great time to buy to take advantage of the historically low interest rates, but there will be competition, which if you’re looking to sell, that’s a great benefit to you. Comment below or give me a call if you're looking to buy or sell a Miami home!