Florida’s housing market reported more closed sales, more pending sales and higher median prices in July compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 28,142 last month, up 10.4% from July 2018.
“Just like the weather, July was a hot month for Florida’s housing market with sales and median prices showing gains in both the single-family and condo-townhouse sectors,” said 2019 Florida Realtors President Eric Sain, a Realtor and district sales manager with Illustrated Properties in Palm Beach. “In another positive sign, pending inventory for existing single-family homes was up 4.5% year-over-year, while pending inventory for existing condo-townhouse properties was up 1.2%.
“Consulting a local Realtor who knows the area and current conditions can help homebuyers and sellers navigate today’s fast-paced market.”
Pending inventory is the number of listed properties that were under contract at the end of the month or data collection period.
In July, statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for 91 consecutive months. The statewide median sales price for single-family existing homes was $268,000, up 5.1% 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 $188,000, up 4.4% 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 2019 was $288,900, up 4.5% from the previous year; the national median existing condo price was $260,100. In California, the statewide median sales price for single-family existing homes in June was $611,420; in Massachusetts, it was $440,000; in Maryland, it was $316,000; and in New York, it was $299,000.
Looking at Florida’s condo-townhouse market in July, statewide closed sales totaled 10,470, up 4.3% compared to a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
“After taking a little breather in June, the pace of existing home sales in Florida ramped right up again in July,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Closed sales of single-family homes were up more than 10% in July compared to a year ago, and new pending sales – that is, the number of homes that went under contract during the month – were up by 7.4%, year-over-year.
“For the first time since January, we saw positive year-over-year growth in new listings of single-family homes, which were up by about 3%. However, this rise in new listings was not enough to stop inventory from declining again in July. Looking at the change in inventory levels by price tier, we are seeing an all-too-familiar story, with a year-over-year rise in homes listed above $250,000 being offset by a decline in those below that price point.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.77% in July 2019, down significantly from the 4.53% averaged during the same month a year earlier.
To see the full statewide housing activity reports, go to Florida Realtors Media Center at media.floridarealtors.org and look under Latest Releases, or download the July 2019 data report PDFs under Market Data at media.floridarealtors.org/market-data.
Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 187,000 members in 51 boards/associations. Florida Realtors® Media Center website is available at media.floridarealtors.org.