ORLANDO, FL - Florida's housing market reported more closed sales, higher median prices, more pending sales and tightening inventory in July, according to the latest housing data released by Florida Realtors. Closed sales of existing single-family homes statewide totaled 26,916 last month, up 21.8 percent over July 2014.
"Homebuyers and sellers are benefiting from the positive momentum of Florida's housing market," said 2015 Florida Realtors President Andrew Barbar, a broker with Keller Williams Realty Services in Boca Raton. "July's completed or closed sales for single-family homes and townhouse-condo properties both showed double-digit gains over the previous year. Meanwhile median prices keep steadily rising: July marked the 44th consecutive month that median sales prices increased year-over-year for both single-family homes and townhouse-condo properties.
Statewide, new pending sales for single-family homes in July rose 6.5 percent year-over-year, while new townhouse-condo pending sales rose 3.8 percent."
The statewide median sales price for single-family existing homes last month was $199,900, up 8.1 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 July was $150,000, up 9.1 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 June 2015 was $237,700, up 6.6 percent from the previous year; the national median existing condo price was $226,500. In California, the statewide median sales price for single-family existing homes in June was $489,560; in Massachusetts, it was $364,900; in Maryland, it was $281,031; and in New York, it was $237,301.
Looking at Florida's townhouse-condo market, statewide closed sales rose last month with a total of 10,235, up 13.9 percent compared to July 2014. The closed sales data reflected fewer short sales in July: Short sales for townhouse-condo properties declined 39.3 percent while short sales for single-family homes dropped 31.2 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.
"The Florida real estate market continues to boom along, fueled by job growth, immigration and fear of higher interest rates," said Florida Realtors Chief Economist Dr. John Tuccillo. "Tight inventories are beginning to get worrisome, even in price tiers where they had not been a problem. But we're not in any great danger of a runaway market because mortgages are still difficult to get for most households, keeping demand down."
Inventory continues to tighten, with a 4.5-months' supply in July for single-family homes and a 5.3-months' supply for townhouse-condo properties, according to Florida Realtors. Most analysts consider a 6-month supply of inventory as the benchmark for a balanced market between buyers and sellers.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.05 percent in July 2015, down from the 4.13 percent average recorded during the same month a year earlier.
To see the full statewide housing activity reports, go to Florida Realtors Media Center.