Florida Housing Market: Median Prices & Pending Inventory Up in August
ORLANDO, Fla. – Florida’s housing market reported rising median prices and more pending inventory in August compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 27,107 last month, up 3.2% from August 2018.
Pending inventory for single-family existing homes increased 4.5% last month compared to a year ago, while condo-townhouse pending inventory rose 4.8%. Pending inventory is the number of listed properties that were under contract at the end of the month or data collection period.
“Florida’s favorable jobs outlook, latest low unemployment rate of 3.3% (in July) and strong economy are positive trends for the state’s housing market,” says 2019 Florida Realtors President Eric Sain, a Realtor and district sales manager with Illustrated Properties in Palm Beach. “Meanwhile, low mortgage interest rates are continuing to spark homebuyers’ interest in entering the market.
“Because local housing markets are unique, consumers should turn to a local Realtor to find out more about trends and conditions in their area. Your local Realtor can offer expert advice and guidance during the complex homebuying or selling process.”
In August, statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for 92 months in a row. The statewide median sales price for single-family existing homes was $265,000, up 4.2% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $190,000, up 2.7% 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 July 2019 was $284,000, up 4.5% from the previous year; the national median existing condo price was $254,300. In California, the statewide median sales price for single-family existing homes in July was $607,990; in Massachusetts, it was $439,900; in Maryland, it was $315,000; and in New York, it was $299,950.
Looking at Florida’s condo-townhouse market in August, statewide closed sales totaled 10,062, down 2.9% compared to a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
“On a statewide basis, sales and price growth was pretty much in line with what we’ve seen throughout the year,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “There’s no real relief in sight for the inventory shortage, either, so it looks like this downward trend is going to continue, as well. Interest rates remain a wild card. We’re near record lows on the 30-year fixed mortgage rate, but there’s no guarantee we're going to stay down here for any significant length of time.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.62% in August 2019, down significantly from the 4.55% averaged during the same month a year earlier.
To see the full statewide housing activity reports, go to Florida Realtors Research & Statistics section on floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors’ website.
© 2019 Florida Realtors®