Florida’s housing market last month was as hot as the weather, according to a new report.
The Florida Realtors released a report on Wednesday which showed almost 28,150 single-family homes were sold across the state last month, up 10.4 percent from July 2018.
Eric Sain, the president of the Florida Realtors and a district sales manager with Illustrated Properties in Palm Beach, weighed in on the report.
“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,” Sain said. “In another positive sign, pending inventory for existing single-family homes was up 4.5 percent year-over-year, while pending inventory for existing condo-townhouse properties was up 1.2 percent.
“Consulting a local realtor who knows the area and current conditions can help homebuyers and sellers navigate today’s fast-paced market,” Sain added.
The Florida Realtors noted in July statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for 91 consecutive months.” The median sales price for single-family existing homes in Florida stood at $268,000, 5.1 percent higher than July 2018.
Condo and townhouse sales also increased in July with 10,470 of them sold which was 4.3 percent higher than July 2018. The statewide median price for condo-townhouse units was $188,000, up 4.4 percent from July 2018.
Dr. Brad O’Connor, the chief economist for the Florida Realtors, mulled over the numbers on Wednesday.
“After taking a little breather in June, the pace of existing-home sales in Florida ramped right up again in July,” said O’Connor. “Closed sales of single-family homes were up more than 10 percent 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 percent, 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 percent,” he added. “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.”
The interest rate for a 30-year fixed-rate mortgage averaged 3.77 percent in July according to Freddie Mac–which the Florida Realtors noted was “down significantly from the 4.53 percent averaged during the same month a year earlier.”
Reach Kevin Derby at email@example.com.