Fla. Housing Market: More Sales, Higher Median Prices in July 2017

ORLANDO, Fla., July 25, 2017 – (RealEstateRama) — Just like the weather, Florida’s housing market was hot in July with more closed sales, higher median prices, increased pending sales and more new listings, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 24,546 last month, up 2 percent compared to July 2016.

“Florida’s housing market gained momentum in July,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “More owners decided to put their homes up for sale. However, even with the increase in new listings, inventory remains tight and buyer demand is great. New listings for single-family existing homes rose 6.1 percent year-over-year, while new listings for existing condo-townhouse properties rose 5.5 percent. Homes continue to sell quickly, resulting in increased pending sales – up 3.3 percent for single-family homes and up 3.6 percent for condo-townhouse units.

“In such a fast-paced, tight-inventory market, consumers’ best resource is a local Realtor, who is there to help successfully guide them through the complexities of buying or selling a home.”

The statewide median sales price for single-family existing homes last month was $240,000, up 7.1 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 townhouse-condo properties in July was $170,950, up 6.8 percent over the year-ago figure. July marked the 68th month-in-a-row 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 June 2017 was $266,200, up 6.6 percent from the previous year; the national median existing condo price was $245,900. In California, the statewide median sales price for single-family existing homes in June was $555,150; in Massachusetts, it was $410,000; in Maryland, it was $301,345; and in New York, it was $264,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 9,246 last month, up 3.6 percent compared to July 2016. Closed sales data reflected fewer short sales and foreclosures last month: Short sales for townhouse-condo properties declined 39.7 percent and foreclosures fell 47.7 percent year-to-year; short sales for single-family homes dropped 40.2 percent and foreclosures fell 44.2 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“We continue to see fierce competition among buyers for homes traditionally found on the more affordable end of the pricing spectrum,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “Florida’s rate of employment growth continues to outpace the nation’s, and a substantial number of Florida’s millennials have started looking for their first home. At the same time, however, rents are still quite high, so homes in these price ranges remain attractive to investors, as well.”

Inventory remained tight in July with a 3.9-months’ supply for single-family homes and a 5.6-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 3.97 percent in July 2017; it averaged 3.44 percent during the same month a year earlier.

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its more than 165,000 members in 54 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.