RATES SLIDE TO LOWEST LEVEL IN 3 MONTHS

via realtor.com—The Freddie Mac 30-year mortgage rate fell to 6.67% this week, a 10-basis-point drop and the fifth consecutive week of decline. The broader economic backdrop remains mixed, with persistent inflation pressures, a recent uptick in job openings, and a modest slowdown in hiring momentum. Rates have responded to shifting expectations around future Federal Reserve policy in the second half of the year, as markets digest mixed signals on inflation and growth.

Generally, elevated mortgage rates and wavering consumer confidence are weighing on home sales, with new-home sales down 6.3% year over year in May and existing-home sales slipping 0.7% from a year ago. The slowdown in sales is gradually leading to higher inventory levels, creating the early stages of a more buyer-friendly housing market. However, this shift is expected to unfold slowly as uncertainty persists.

What it means for the housing market

Looking ahead, the upcoming tariff deadline, along with the release of the CPI report, will bring added clarity to the policy and inflation outlook. Any renewed volatility in trade policy could significantly affect market conditions during the second half of the year. For now, elevated borrowing costs are still limiting buyer activity, and homes are spending more time on the market, supporting the ongoing buildup of inventory and…READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

Activity in the Miami Springs/Virginia Gardens real estate market this week! With four (4) new pending sales, there was an overall dip in inventory. There are now thirty-seven (37) active listings. Increasing inventory is better for Buyers, though prices have remained strong for Sellers despite high interest rates. We are truly in a unique market where timing is everything! Property values remain strong in Miami Springs and Virginia Gardens, though we are seeing more price decreases this year. Inventory increases in the months ahead? We think so!

There are sixteen (16) active listings over one-million dollars. Almost half of the active listings have had a price reduction, four (4) this week. The number of days properties are staying on the market is averaging 52 days. There are no properties priced under $600,000; three (3) properties are priced between $600,000-$700,000; five (5) between $700,000-$800,000; eight (8) between $800,000-$900,000; five (5) are priced between $900,000-$1,000,000; fourteen (14) between $1-2 million; and two (2) properties are priced for over $2 million.

Sales have been slower this year but there are still many qualified Buyers out there. The limited options for entry level homes, high interest rates and homeowner insurance costs make it difficult for many first-time buyers. Additionally, there is a practically nonexistent number of entry-level homes (e.g., under $600,000). Interest rates aside, we continue to anticipate more inventory increases.

Mortgage interest rates remain under 7% and expected to fluctuate between 6-7% in 2025. Current interest rates create a difficult situation for sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Any additional interest rate increases in the future can mean fewer Buyers. Properties are staying on the market for longer but some houses still quickly sell. It all depends on pricing, condition, and location, location, location. Timing is everything!

CALL US FOR AN EVALUATION

During the period of June 27, 2025 through July 4, 2025, there were reported 0 new listings, 2 closed sales, 4 pending sales, 1 active with contract, 1 expired listing, 0 cancelled listings, 0 temp off market, 4 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 July 4, 2025. 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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