PENDING SALES DROP AS PRICES TICK UP

via themortgagepoint.com—In the four weeks ending June 7, the median U.S. home sale price reached a record $400,894, up 1.5% over the previous year, according to a recent report from Redfin. Further, according to a Redfin analysis of MLS data, that is the first time the average American existing home has sold for more than $400,000.

Additionally, monthly payments are historically high. The average monthly payment was $2,619, which was only $8 less than the 11-month record set in late May. Monthly housing payments are supported by persistently high home values and mortgage rates in the mid-6% range.

“Crossing the $400,000 threshold is a reminder of how difficult it is to break into homeownership for many Americans—and rising prices of other things is making it even harder,” said Chen Zhao, Redfin’s Head of Economics Research.

Key Findings:

Many prospective homeowners are being discouraged by high housing expenses. For the fourth week in a row, pending home sales decreased by 0.6% from the previous week. Prospective purchasers are also being turned off by widespread economic uncertainty; among other financial ups and downs, many Americans are anxious about the Iran conflict, inflation, and the potential for a Fed rate hike.

Despite a weak market for homes, property prices are rising. Despite the fact that there are more sellers than buyers in the market, there is not enough new supply, which keeps prices stable because some potential sellers choose to keep their houses off the market as demand declines. While new listings increased by 0.4%, the overall number of properties for sale remained largely same from week to week. The fact that today’s selling prices are the result of agreements made in April and early May, when mortgage rates were lower and demand was slightly higher, is another factor contributing to the ongoing price increases…READ MORE

The Current Miami Springs Market

This week there are thirty-one (31) active listings in the MS/VG markets. Almost 50% are priced over $1,000,000. Of those, three (3) listings are over $2million, and one is asking close to $4million! More inventory increases in the months ahead? We think so!

Inventory Breakdown:

There are no properties priced between $500,000-$600,000; there is one (1) priced between $600,000-$700,000; six (6) are between $700,000-$800,000; seven (7) between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; eleven (11) between $1-2 million; three (3) are listed for over $2 million; and one (1) is listed for over $3 million.

We have experienced a busier Spring selling/buying season so far this year!

SELLERS, LIST NOW(!) if you are thinking about selling!

There are still qualified Buyers out there!

Mortgage interest rates have increased again. They are now slightly over 6%. Uncertainty with the war and gas prices may impact demand. However, there are still qualified buyers looking for the right property. Timing is everything. Days on the market (DOM) are on average 77 days. Some houses sell quickly. It all depends on pricing, condition and location, location, location. The decrease in interest rates should result in increased sales activities. It is important to price the property right.

TIME TO BUY OR SELL? CALL US FOR AN EVALUATION

During the period of June 5, 2026 through June 12, 2026, there were reported 1 new listing, 8 closed sales, 1 pending sale, 2 active with contract, 0 expired listings, 0 cancelled listings, 1 temp off market, 3 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of June 12, 2026. All closed sales are within the last 90 days.
*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  charlie@leonardrealestategroup.com

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