Florida Single Family Home Sales Up

Florida’s housing market had more closed sales, higher median prices, more pending sales and a tighter inventory in July, according to the latest housing data released by Florida Realtors^®. Florida single family home sales totaled 26,916 last month, up 21.8 percent over July 2014.

July’s completed or closed sales for single-family homes and townhouse-condo properties both showed double-digit gains over the previous year. Meanwhile median prices keep steadily rising: July marked the 44th consecutive month that median sales prices increased year-over-year for both single-family homes and townhouse-condo properties.

Statewide, new pending sales for single-family homes in July rose 6.5 percent year-over-year, while new townhouse-condo pending sales rose 3.8 percent.”

The statewide median sales price for single-family existing homes last month was $199,900, up 8.1 percent from the previous year. The statewide median price for townhouse-condo properties in July was $150,000, up 9.1 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 June 2015 was $237,700, up 6.6 percent from the previous year; the national median existing condo price was $226,500.

Looking at Florida’s townhouse-condo market, statewide closed sales rose last month with a total of 10,235, up 13.9 percent compared to July 2014.

The closed sales data reflected fewer short sales in July: Short sales for townhouse-condo properties declined 39.3 percent while short sales for single-family homes dropped 31.2 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.

Inventory continues to tighten, with a 4.5-months’ supply in July for single-family homes and a 5.3-months’ supply for townhouse-condo properties. Most analysts consider a 6-month supply of inventory as the benchmark for a balanced market between buyers and sellers.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.05 percent in July 2015, down from the 4.13 percent average recorded during the same month a year earlier.

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Sea to Sky Realty

The Florida Real Estate Company with the GERMAN Twist!

Axel and Bea Weiss

Bradenton, Florida 34205

(941) 866 1666

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