EXISTING-HOME SALES SLOW AMID WEAKENED BUYER DEMAND

via themortgagepoint.com—According to the National Association of REALTORS (NAR), existing-home sales decreased in April. The Midwest had growth in sales, the South saw no change, and the Northeast and West saw declines. Three regions saw a fall in sales year-over-year (YoY), while the Northeast saw no change.

“Home sales have been at 75% of normal or pre-pandemic activity for the past three years, even with seven million jobs added to the economy,” said Lawrence Yun, Chief Economist at NAR. “Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand.”

U.S. Highlights — Existing-Home Sales

Completed transactions involving single-family homes, townhomes, condominiums, and cooperatives make up the total existing-home sales, which decreased by 0.5% from March to a seasonally adjusted annual rate of 4.00 million in April. Sales fell 2.0% YoY (from 4.08 million in April 2024).

At the end of April, there were 1.45 million units in total housing inventory, increasing 9% from March and 20.8% from 1.2 million units a year earlier. The amount of unsold inventory has increased from 4.0 months in March and 3.5 months in April 2024 to 4.4 months at the current sales pace.

All property types combined saw a median existing-home price of $414,000 in April, up 1.8% from $46,600 a year earlier. While the South and West saw price declines, the Northeast and Midwest saw price hikes.

“At the macro level, we are still in a mild seller’s market,” Yun said. “But with the highest inventory levels in nearly five years, consumers are in a better situation to negotiate for better deals.”

Danielle Hale, Chief Economist at Realtor.com, offered her expert insight on NAR’s Existing Home Sales Report.”

“Existing home sales registered a 4.00 million annual sales pace in April 2025, trailing 0.5% behind sales last month and 2.0% less than one year ago” Hale said. “Pending home sales revived in March, but remained lower than one year ago, a trend that …READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

We are truly in a unique market! There are forty-two (42) active listings in the Miami Springs/Virginia Gardens market this week. Increased inventory is better for Buyers, and though prices remain strong for Sellers, we are seeing more price decreases on active listings. Despite interest rates and strong prices, there are still many qualified Buyers out there.

Sales activity has slowed down a bit this year, generally, but values remain strong in Miami Springs and Virginia Gardens. There are fifteen (15) active listings over one-million dollars. Twenty-two (22) of the active listings (more than half!) have had a price reduction, three (3) this week. We had been transitioning to a more neutral market. However, there is a practically nonexistent number of entry-level homes (i.e. under $600,000), which makes it difficult for some buyers. Current interest rates also create a difficult situation for sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Properties are staying on the market for longer but some houses still quickly sell. It all depends on pricing, condition, and location, location, location. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases.

Mortgage interest rates remain under 7%. Rates are expected to fluctuate between 6-7% this year. Despite high interest rates, there is still demand! The number of days properties are staying on the market is averaging 69 days. The limited options for entry level homes, high interest rates and homeowner insurance costs make it difficult for many first-time buyers. There are no listings under $500,000; one (1) between $500,000-$600,000; eight (8) between $600,000-$700,000; nine (9) between $700,000-$800,000; seven (7) between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; thirteen (13) between $1-2 million; and two (2) priced for over $2 million.

TIME TO BUY OR SELL?
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During the period of May 16, 2025 through May 23, 2025, there were reported 1 new listing, 0 closed sales, 0 pending sales, 1 active with contract, 1 expired listing, 0 cancelled listings, 0 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 May 23, 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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