Miami Home Prices Down in October

"In October, home prices fell slightly from the month before, with a median listing price of $629,900. The number of listings on the market remained practically unchanged from last month, which is typical for this time of the year in Miami, and homes are also selling slower than at the same time last year."

"Typically, home price per square foot in Miami tend to rise in October. But the most recent data shows that the price per square foot decreased by 0.7% compared with the month before. So, how does this compare with the rest of the U.S? Nationally, home price per square foot decreased 0.8%, which means price changes in Magic City are keeping pace with the national market."

"In October, there were 7,723 homes for sale in Miami, which was 0.7% more than the month before and 22.3% more than the same time last year. Meanwhile, active inventory across the nation remained practically unchanged from last month to 1,100,001. The number of new listings in Miami was 1,566, which was 0.4% more than the month before and unchanged from the same time last year. Nationally, the number of new listings fell by 2.7% from last month to 384,264. Homes in Miami take an average of 85 days to sell, according to October figures. This is three days less than the previous month and 16 days more than the same month last year. For comparison, nationally homes spent an average of 63 days on the market in October."

Median listing price in Miami fell slightly in October to $629,900. Price per square foot in Miami decreased by 0.7% month-over-month, compared with a 0.8% national decrease. Inventory in Miami totaled 7,723 homes for sale, up 0.7% from the prior month and 22.3% year-over-year. New listings in Miami numbered 1,566, up 0.4% month-over-month and unchanged year-over-year, while national new listings declined 2.7% to 384,264. Homes in Miami averaged 85 days on market, three days faster than the prior month but 16 days slower than the same month last year; the national average was 63 days.

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