Florida Housing Market Continues Upward Trend with More Closed Sales and Higher Prices

Florida Housing Market Continues Upward Trend with More Closed Sales and Higher Prices

ORLANDO, FL - Florida's housing market reported more closed sales, higher median prices, increased pending sales and more new listings in April, according to the latest housing data released by Florida Realtors. Closed sales of existing single-family homes statewide totaled 25,206 last month, up 17.9 percent over April 2014.

"Florida's home buyers and sellers are encouraged by solid job growth, still record-low interest rates and the easing of overly restrictive lending requirements," said 2015 Florida Realtors President Andrew Barbar, a broker with Keller Williams Realty Services in Boca Raton. "On the buyers' side, new pending sales for existing single-family homes in April rose 8.6 percent year-over-year, while pending sales for townhouse-condo units increased slightly (0.6 percent). On the sellers' side, new listings for single-family homes rose 4.3 percent year-over-year and new townhouse-condo listings rose 2.9 percent."

In April, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 41st month in a row, he noted.

The statewide median sales price for single-family existing homes last month was $195,000, up 11.4 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in April was $155,000, up 10.3 percent over the year-ago figure. 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 March 2015 was $213,500, up 8.7 percent from the previous year; the national median existing condo price was $201,400. In California, the statewide median sales price for single-family existing homes in March was $468,550; in Massachusetts, it was $320,000; in Maryland, it was $246,361; and in New York, it was $225,000.

Looking at Florida's townhouse-condo market, statewide closed sales totaled 11,643 last month, up 8.1 percent compared to April 2014. The closed sales data reflected fewer short sales in April: Short sales for townhouse-condo properties declined 52.8 percent while short sales for single-family homes dropped 32.5 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.

"The housing market continues to surge with all Florida's metros showing some improvement," said Florida Realtors Chief Economist Dr. John Tuccillo. "But the data details show some areas of concerns obscured in the aggregate number. First, inventory is critically short in the under $200,000 price range. This is an issue but it also causes the overall number to overstate inventory drops in higher price ranges where supply is more comfortable.

"Second, and similarly, time on the market (for inventory) is growing in the $300,000-$1 million range, though overall days on the market have dropped."

Inventory was at a 4.9-months' supply in April for single-family homes and at a 6-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 3.67 percent in April 2015, down from the 4.34 percent average recorded during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center.

Source: Florida Realtors / #Housing #Economy

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