Florida Housing Market Report

Florida Housing Market Report

Florida’s housing market reported higher median prices, fewer days on market and a constrained inventory of homes for sale in October, according to the latest housing data released by Florida Realtors®. Statewide closed sales of existing single-family homes rose last month with a total of 22,147, an increase of 1.2 percent over October 2014.

“October marked the 47^th consecutive month that statewide median sales prices increased year-over-year for both single-family homes and townhouse-condo properties,” said 2015 Florida Realtors President Andrew Barbar, a broker with Keller Williams Realty Services in Boca Raton. “Sellers received a higher percentage of their original list price, with single-family homes getting on average 94.3 percent and townhome-condos getting 93.3 percent. It also took less time for homes to sell in October: a median of 46 days for single-family homes and 50 days for townhouse-condos.

“The state’s housing market continues to benefit from more people moving to Florida, the increased job growth and stronger economy.”

The statewide median sales price for single-family existing homes last month was $198,995, up 12.4 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 August was $150,000, up 7.2 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 September 2015 was $223,500, up 6.6 percent from the previous year. The national median existing condo price was $209,200. In California, the statewide median sales price for single-family existing homes in September was $482,150; in Massachusetts, it was $340,500; in Maryland, it was $260,126; and in New York, it was $240,000.

Looking at Florida’s townhouse-condo market, statewide closed sales last month totaled 9,294, down 0.9 percent compared to October 2014. The closed sales data reflected fewer short sales in October: Short sales for townhouse-condo properties declined 47.7 percent while short sales for single-family homes dropped 33.1 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.

“The Florida real estate market is catching its breath after a frantic summer and early fall,” said Florida Realtors Chief Economist Dr. John Tuccillo. “One month’s numbers do not make a trend, but the October numbers are signaling a return toward a more balanced market.”

Inventory remains constrained, with a 4.4-months’ supply in October 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 3.80 percent in October 2015, down from the 4.04 percent average recorded during the same month a year ago.

Florida Realtors® November 2015