Florida’s Housing Market: Higher Prices & More Home Sales

Welcome to FL The Sunshine State Sign

Florida had more home sales and higher prices in June

Florida’s housing market had more closed home sales, higher median prices and more new listings in June, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 28,205 last month, up 4.3 percent compared to June 2016.

“More homeowners decided it was time to sell in June, resulting in an increase of new listings in Florida by 4.2 percent,” says 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “However, this slight increase in June is not easing the market and inventory remains tight. Homes continue to sell quickly, which resulted in an increase of pending sales, which rose 2.2 percent.

“Buyers must continue to be prepared to act quickly,” Wells adds. “They need to find a Realtor to assist them to navigate the choppy waters of today’s market. This will allow them to be ready to make an offer when the right property is available.”

The statewide median sales price for single-family existing homes last month was $245,000, up 8.9 percent from the previous year, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in June was $176,820, up 7.2 percent over the year-ago figure. June was the 67th consecutive month that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors (NAR), the national median sales price for existing single-family homes in May 2017 was $254,600, up 6 percent from the previous year; the national median existing condo price was $238,700. In California, the statewide median sales price for single-family existing homes in May was $550,200; in Massachusetts, it was $385,000; in Maryland, it was $295,694; and in New York, it was $239,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 10,996 last month, up 4.9 percent compared to June 2016. Closed sales data reflected fewer short sales and foreclosures last month: Short sales for townhouse-condo properties declined 30.0 percent and foreclosures fell 47.3 percent year-to-year; short sales for single-family homes dropped 31.5 percent and foreclosures fell 43.4 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“The median sale price among Florida single-family home sales in June was up 8.9 percent compared to last year; and the median sale price of condos and townhouses was up slightly less, increasing by 7.2 percent,” said Florida Realtors Chief Economist Dr. Brad O’Connor.

“With sales and prices continuing to rise, it should come as no surprise that the dollar volume of sales throughout the state increased significantly this June compared to June of last year,” O’Connor added. “Statewide, closed sales of single-family homes totaled about $9.3 billion, a year-over-year increase of nearly 12 percent. Closed sales of townhouses and condos rose by a little over 11 percent to about $2.8 billion.”

Inventory remained tight in June with a 3.9-months’ supply for single-family homes and a 5.8-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.90 percent in June 2017; it averaged 3.57 percent during the same month a year earlier.

 

Source: “Fla. housing market: Higher prices and more sales in June,” Florida Realtors