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Florida Housing Market: Sales, Median Prices Rise in Oct. 2017

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The impact of Hurricane Irma on Florida’s housing market resolved by the end of October, according to the latest housing data released by Florida Realtors®. Sales, median prices, new listings and new pending sales rose even as the inventory of for-sale properties remained constrained in many areas. Sales of single-family homes statewide totaled 20,543 last month, up 2 percent compared to October 2016.
“Home purchases stalled by Hurricane Irma striking Florida in September resumed – and many of those sales closed in October,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “Areas hit hardest by the hurricane will still take time to recover, but in other parts of the state, real estate activity has returned. Sellers were ready to put their homes on the market in October, with new listings for single-family existing homes up 9.8 percent year-over-year; new listings for existing condo-townhouse properties rose 14.6 percent.
“Wherever you are, there is a local Realtor who can help you understand local market conditions and prepare for a successful home sale or home purchase.”
The statewide median sales price for single-family existing homes last month was $235,558, 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 condo-townhouse properties in October was $170,000, up 5.2 percent over the year-ago figure. October was the 70th 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 September 2017 was $246,800, up 5.6 percent from the previous year; the national median existing condo price was $231,300. In California, the statewide median sales price for single-family existing homes in September was $555,410; in Massachusetts, it was $380,000; in Maryland, it was $277,746; and in New York, it was $257,500.
Looking at Florida’s condo-townhouse market, statewide closed sales totaled 8,116 last month, up 2.2 percent compared to October 2016. Closed sales data reflected fewer short sales and foreclosures last month: Short sales for condo-townhouse properties declined 22.5 percent and foreclosures fell 42.8 percent year-to-year; short sales for single-family homes dropped 36.7 percent and foreclosures fell 42.3 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
“Last month, we talked about how it’s not uncommon for Florida to see a quick rebound in sales of existing homes the month after a hurricane,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “And, according to the latest data, that’s exactly what happened in the Sunshine State in October. Both single-family home and condo-townhouse sales rose, boosted in part by closings that otherwise would have been completed in September if not for delays brought about by Hurricane Irma.
“Because of the length of the home-selling process, we’ll likely see some reverberations of Irma’s impact statewide for a couple more months, but October’s statistics are very encouraging.”
October’s for-sale inventory remained tight with a 3.8-months’ supply for single-family homes and a 5.6-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 3.90 percent in October 2017; it averaged 3.47 percent 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 October 2017 data report PDFs under Market Data at media.floridarealtors.org/market-data.

Gov. Scott: Florida’s Consumer Confidence and Housing Market Continue to Strengthen

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Governor Rick Scott today announced that Florida’s strong economic and job growth are continuing to fuel Florida’s consumer confidence and housing market. Florida’s consumer confidence climbed to 97.7 in July, the second-highest it has been in 15 years, and home prices rose by $20,000 across the state over year in June. In addition to rising home prices, new building permits are growing. In June, 12,365 new building permits were issued in Florida, accounting for more than 9 percent of all U.S. building permits.
Governor Scott said, “I am proud to announce that Florida’s consumer confidence and housing market continues to strengthen, which is another positive outcome of our focus on making Florida the number one location for job creators and families to succeed. By cutting $7 billion in taxes, reducing burdensome regulations, and making Florida more business-friendly, we are seeing continued economic improvements across Florida. Now, with the establishment of the $85 million Florida Job Growth Grant Fund, we have the resources needed to grow more jobs for families across the state.”
The statewide median sales price for single-family existing homes in June was $245,000, up from the previous year’s median price of $225,000. The increase in home prices resulted in an additional $1 billion in home sales in the last year, up nearly 12 percent from June 2016. Among the five components measured in Florida’s Consumer Sentiment Index, expectations of U.S. economic conditions over the next year had the highest over-the-month increase, climbing 6 points.
Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “Florida’s strong job growth and the state’s thriving economy have continued to give consumers confidence in their futures. Florida’s housing market has also directly benefitted from Governor Scott’s commitment to job creation and focus on economic growth. The increase in home prices and rising consumer confidence shows that people from all parts of the nation can have bright futures by moving to Florida and investing in our great economy.”
In June, the metro areas with the highest home sales were:

  • Sebring with 26.9 percent growth,
  • Sebastian-Vero Beach with 26.9 percent growth, and
  • Crestview-Fort Walton Beach-Destin with 15.5 percent growth.

In June, the metro areas with the highest growth in over-the-year median sales prices were:

  • Ocala with 19.7 percent growth,
  • Sebring with 18.7 percent growth,
  • Tallahassee with 18 percent growth, and
  • Palm Bay-Melbourne-Titusville with 15.8 percent growth.

Florida's Housing Market: Median Prices Rise in Dec. 2016

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Florida’s housing market reported higher median prices and fewer all-cash sales in December, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 22,332 last month, up 0.8 percent from December 2015.

“The trend of tight housing supply continued to have an impact on Florida’s housing market in December,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “Last month, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for 61 months in row. While that’s good news for sellers, it’s continuing to put pressure on inventory for first-time homebuyers and those who may be looking for their next ‘move-up’ home.

“And that’s where your local Realtor comes in – he or she will put their expertise to work for you to successfully navigate the complexities of finding the right property in your local real estate market and will make sure you get to the closing table.”

Home sellers continued to get more of their original asking price at the closing table in December: Sellers of existing single-family homes received 96 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.7 percent (median percentage).

The statewide median sales price for single-family existing homes last month was $226,000, up 9.2 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 December was $166,900, up 7.7 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 November 2016 was $236,500, up 6.8 percent from the previous year; the national median existing condo price was $222,600. In California, the statewide median sales price for single-family existing homes in November was $501,710; in Massachusetts, it was $365,000; in Maryland, it was $266,164; and in New York, it was $240,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 8,673 last month, down 5.2 percent compared to December 2015. Closed sales data reflected fewer short sales and cash-only sales last month: Short sales for townhouse-condo properties declined 45 percent while short sales for single-family homes dropped 39.2 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Florida’s markets for existing homes closed out the year in December with a performance very much in line with what we saw over the previous 11 months of 2016,” said Florida Realtors® Chief Economist Brad O’Connor. “At the local level, single family home sales increased in 15 of Florida’s 22 metro areas, while condo and townhouse sales rose in only five of these markets. And, as has been the case all year, the lack of significant sales growth in much of the state has had a lot more to do with a shortfall of supply in key price tiers than with demand.”

Inventory dipped to a 3.9-months’ supply in December for single-family homes and was at a 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 4.20 percent in December 2016, up significantly from the 3.96 percent average recorded during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the December 2016 data report PDFs under Market Data at: http://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 165,000 members in 55 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.