Florida Housing Market Remains Strong with Rising Median Prices According to Latest Report

Florida Housing Market Remains Strong with Rising Median Prices According to Latest Report

ORLANDO, FL - Florida's housing market reported rising median prices and more new listings in January, according to the latest housing data released by Florida Realtors. 

"There's an ongoing shortage of housing inventory in many markets across Florida," said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. "January's statewide homes sales reflected the tight supply, and – when combined with rising median sales prices – it puts pressure on potential homebuyers. Working with local Realtors can help buyers and sellers understand the factors influencing their local markets. 

"On the buyer front, new pending sales for existing single-family homes in January ticked up slightly, 0.1 percent, year-over-year; pending sales for townhouse-condo units increased 8.1 percent. On the sellers' side, new listings for single-family homes rose 1.1 percent year-over-year, while new townhouse-condo listings increased 3.6 percent."

Sales of single-family homes statewide totaled 16,564 last month, down 1.3 percent compared to January 2017. Meanwhile, the statewide median sales price for single-family existing homes was $240,000, up 9.1 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 condo-townhouse properties in January was $179,900, up 11.7 percent over the year-ago figure.

January marked 73 consecutive months that the statewide median sales prices for both single-family homes and townhouse-condo properties 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 December 2017 was $248,100, up 5.8 percent from the previous year; the national median existing condo price was $236,500. In California, the statewide median sales price for single-family existing homes in December was $549,560; in Massachusetts, it was $382,000; in Maryland, it was $275,674; and in New York, it was $260,000.

Looking at Florida's condo-townhouse market, statewide closed sales totaled 7,634 last month, up 5.9 percent compared to January 2017. Closed sales data reflected fewer short sales and foreclosures last month: Short sales for condo-townhouse properties declined 32.5 percent and foreclosures fell 36.3 percent year-to-year; short sales for single-family homes dropped 46 percent and foreclosures fell 43 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

"Florida Realtors' data shows sales of existing single-family homes in Florida were off to a slow start in the first month of 2018," said Florida Realtors® Chief Economist Dr. Brad O'Connor. "However, it's important to note that there was significant variation in this figure across different markets throughout the state – in fact, single-family home sales were actually up in 10 of the state's 22 Metropolitan Statistical Areas (MSAs).

"Lately, condo and townhouse sales growth has been outpacing that of single-family homes, and the reason is that the picture for condos and townhouses has been much more balanced. The single-family home market, by contrast, continues to be held back by inadequate levels of new construction."

January's for-sale inventory remained tight with a 3.9-months' supply for single-family homes and a 5.9-months' supply for condo-townhouse properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.03 percent in January 2018, down from the 4.15 percent averaged 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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