Cooling Momentum, but Prices Hold Steady
This past week in Pembroke Pines, the market took a slight breather.
New listings outpaced homes going under contract, and homes are lingering a bit longer on the market.
But don’t mistake this for weakness.
Prices remain firm, and demand is still very real, especially in key neighborhoods.
Market Snapshot
New Homes Listed in last 7 days: 52
New Homes Under Contract in last 7 days: 35
Median Days on Market: 51
Median Price: $475,000
What the numbers mean
The gap between listings and contracts widened a bit this week (52 listed vs. 35 under contract), signaling a slightly slower pace of absorption possibly due to buyers getting rate fatigue or waiting for summer price cuts
Median days on market ticked up to 51, a subtle but notable increase and we’ve been hovering in the mid-40s range recently. This means sellers should be mindful: pricing and presentation matter more now than earlier in the year.
Despite the slowdown, the median price held at $475K, which reflects strong buyer interest in move-in ready and well located homes.
Mortgage Snapshot
Interest Rate: 7.03%
If you wanted to buy a median-priced Pembroke Pines home at $475,000:
Downpayment (5%): $23,750
Estimated Monthly Mortgage Payment (30-year fixed): ~$3,008 (Principal & Interest only)
To give you a real world picture:
On a $475,000 home with a 5% down payment, the estimated principal & interest (P&I) at today’s rate would be about $3,008/month.
It’s a reminder that rates and down payments go hand-in-hand when calculating true affordability.
What this means
Rates crept just over the 7% mark again, which continues to pressure buyer affordability. Expect some hesitation in the entry level segment.
For sellers, this might mean fewer bidding wars but qualified buyers are still active, especially for homes that are priced right and show well.
For buyers, it's a time to negotiate strategically, especially if a property’s been sitting for over 3 weeks.
💡 Affordability Tip:
Even with rates over 7%, a small rate drop can save you hundreds per month. Many lenders now offer rate buydowns or credits. Don’t skip the conversation.
👉 Buyer Tip: Get pre-approved before you shop. Knowing your monthly budget makes it easier to jump when the right home hits the market.
Ready to run the numbers on you ideal home? Schedule a quick call with me here and I’ll connect you with a local lender who can show you exactly what’s possible in today’s market.
