A new national report from the National Association Of Realtors shows what most of us already know. That SWFL home price gains have not slowed down. Despite higher mortgage rates. Despite the threat of recession. And in the face of slumping real estate nationwide. None of that matters here. Results for the second quarter are in. Year over year growth in home prices have not slowed down where we live.
If anything, the price increases, including SWFL Home Price increases, have solidified.
Key highlights from today’s press release reveals:
- Eighty percent of metro markets – 148 of 185 – saw double-digit annual price appreciation in median single-family existing-home sales prices (70% in the previous quarter).
- The national median single-family existing-home price rose 14.2% annually to $413,500, surpassing $400,000 for the first time.
- Housing affordability significantly declined as the monthly mortgage payment on a typical existing single-family home with a 20% down payment skyrocketed by nearly a third from the first quarter of this year and by half from one year ago.
One local piece on the median home price crossing $400,000. It’s much higher in Collier County, with a median home price of $850,000, the Naples-Immokalee-Marco Island market is the seventh most expensive market in the U.S. So who’s going up the fastest? According to the release: “The top 10 metro areas with the largest year-over-year price gains all recorded increases greater than 25%, with seven of those markets located in Florida.”
Here’s the markets with the largest year over year gain in price Q2 2022 v Q2 2021