June 22, 2016 – Florida’s housing market reported higher median prices, more closed sales, increased new listings and fewer days to a contract in May, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 25,518 last month, up 4.5 percent over the May 2015 figure.
“Florida’s housing market is growing at a more moderate pace,” said 2016 Florida Realtors®President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. “New listings for existing single-family homes rose 5.8 percent compared to a year ago, while new listings for townhouse-condo properties rose 4.3 percent. While tight housing supply is having an impact in many areas, still-low mortgage rates, increased jobs, and economic growth will continue to boost housing demand.”
Meanwhile, sellers continued to get more of their original asking price at the closing table. Sellers of existing single-family homes in May received 96.2 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.6 percent (median percentage).
The statewide median sales price for single-family existing homes last month was $221,050, up 10.5 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 April was $165,000, up 4.4 percent over the year-ago figure.
In May, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 54th month in a row, Veissi noted. 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 April 2016 was $233,700, up 6.2 percent from the previous year the national median existing condo price was $223,300.In California, the statewide median sales price for single-family existing homes in April was $509,100; in Massachusetts, it was $350,000; in Maryland, it was $267,041; and in New York, it was $220,000.
Looking at Florida’s townhouse-condo market, statewide closed sales totaled 10,455 last month, up slightly (0.1 percent) compared to May 2015. Closed sales data reflected fewer short sales and cash-only sales in May: Short sales for townhouse-condo properties declined 40.4 percent while short sales for single-family homes dropped 37 percent. Closed sales may occur from 30 to 90-plus days after sales contracts are written.
“The renewed level of growth we’re seeing for sales of single-family homes statewide this month was largely due to the continued resurgence of local markets throughout North Florida and the I-4 corridor,” said Florida Realtors®Chief Economist Brad O’Connor. “Many of these areas began their recoveries from the previous downturn later than most of the markets in the southern part of the state, so they only recently began hitting their stride.
“In addition, these markets are less reliant on international buyers, so they have not been negatively impacted by recent uncertainty in foreign real estate investment activity.”
Inventory was at a 4.4-months’ supply in May for single-family homes and at a 6.1-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 3.60 percent in May 2016, down from the 3.84 percent average recorded during the same month a year earlier.