Florida sees sales, median prices grow in July

by Francis Monfort29 Aug 2017
Florida’s housing market gained momentum in July as it posted gains in closed sales, median prices, pending sales, and new listings, according to data released by Florida Realtors.

Across the state, single-family home sales totaled 24,546 in July, a 2% increase from the year-ago period.

“More owners decided to put their homes up for sale,” said Florida Realtors President Maria Wells. “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% year-over-year, while new listings for existing condo-townhouse properties rose 5.5%. Homes continue to sell quickly, resulting in increased pending sales – up 3.3% for single-family homes and up 3.6% for condo-townhouse units.”

Statewide, single-family existing homes posted a median sales price of $240,000 in July, growing 7.1% from the year-ago period. Condo-townhouse properties had a median price of $170,950, up 6.8% from last year. The most recent increases represent the 68th consecutive month of year-over-year median price gains for both sectors.

The condo-townhouse market totaled 9,246 closed sales in July, a 3.6% increase from the July 2016 figure. The data reflected year-over-year decreases in short sales and foreclosures, with short sales for condo-townhouse properties falling 39.7% and foreclosures decreasing 47.7%.

"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 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."

Florida Realtors also said that inventory remained tight during the month, with the single-family home supply at 3.9 months and the condo-townhouse supply at 5.6 months.

Related stories:
Tight inventory supports house price growth in Q2
This feature can double the value of a Miami condo