Puerto Rico Home Sales Are Declining
It was one of the hottest real estate markets in the Caribbean in the post-pandemic period, with a sales surge driven largely by mainland US residents moving to the island.
But home sales are starting to slow in Puerto Rico, according to new data from the Puerto Rico Association of Realtors and Stellar MLS.
There were 146 listings sold in January, a 22 percent decline from the previous month, with a median sales price of $275,000.
Sales volume was $72.1 million in the period, a 38 percent reduction compared to December. Total sales volume was $115.5 million the month before, and was $131.7 million in November.
New listings have jumped by 12 percent to 319 on the market right now, while pending sales are up 18 percent.
— CJI
