FACTS
South Florida real estate heads into mid-November with the average 30-year mortgage rate at 7.11%, a seven-week low, according to Freddie Mac. The latest county reports show single-family prices up from a year earlier in Miami-Dade, Broward and Palm Beach counties while the number of homes for sale fell. Florida voters also approved a larger homestead exemption that begins in 2027.
The figures are collected in Exodus Realty’s South Florida Realty Update Report, a weekly summary of public housing data for the three counties.
Mortgage rates fall for a fourth week
The average 30-year fixed mortgage rate fell to 7.11% in the week ending Nov. 12 from 7.18% a week earlier, Freddie Mac said in its weekly Primary Mortgage Market Survey. It was the fourth weekly decline in a row. A year earlier the rate averaged 6.24%. The 15-year fixed rate averaged 6.45%, down from 6.57%.
“Mortgage rates dropped to their lowest level in seven weeks, a welcome development,” Sam Khater, Freddie Mac’s chief economist, said in the release.
The Federal Reserve held its benchmark rate steady in October, Stay Current News reported. Its next meeting is Dec. 8 and 9, according to the Fed’s calendar.
South Florida real estate prices by county
The most recent county figures, for September, were released Oct. 16 by MIAMI REALTORS + RWorld.
- Miami-Dade: The median single-family price rose 4.1% to $692,000 as single-family sales fell 4.7% to 824. The median condo price slipped 0.7% to $417,090. Active listings fell 10.1%.
- Broward: The median single-family price rose 2.4% to $641,500. Total sales fell 9.7% to 1,825, and the median condo price fell to $235,000 from $275,000. Active listings fell 14%.
- Palm Beach: The median single-family price rose 6.7% to $656,000 and the median condo price rose 3.3% to $310,000. Total sales fell 3.3% to 1,914. Active listings fell 17.2%, and cash buyers made up 51.4% of sales.
Single-family homes went under contract in a median of 39 to 43 days across the three counties, faster than a year earlier, according to the association. Condo supply ranged from 6.8 months in Palm Beach to 12.3 months in Miami-Dade.
Statewide, Florida Realtors reported a median single-family price of $415,000 in September, up 1.2% from a year earlier, on sales that fell 3.5%.
Amendment 3 raises the homestead exemption
Florida voters approved Amendment 3 on Nov. 3 with 62% of the vote, above the 60% required, News4JAX and the News Service of Florida reported. It raises the homestead exemption for non-school property taxes to $150,000 in 2027 and $250,000 in 2028, then adjusts it for inflation. It also lowers the yearly cap on assessment increases for non-homestead property, such as rentals and commercial buildings, from 10% to 5%.
What comes next
MIAMI REALTORS + RWorld is scheduled to release October sales figures for the three counties on Monday, Nov. 16, according to its release schedule. Freddie Mac’s next weekly rate survey is due Thursday, Nov. 19.
More coverage is in the Stay Current News Money section.
Disclosure: Exodus Realty, which produced the South Florida Realty Update Report, is owned by Paul Christle, who also publishes Stay Current News.
