Florida’s housing market had more new listings, increased median home prices and signs of easing supply constraints in June and 2Q 2022 compared to a year ago, though higher mortgage rates and inflation are continuing to impact sales, according to Florida Realtors’ latest housing data.
“Our data trends indicate for-sale inventory levels are beginning to rise, which could help lessen the pressure of rising prices and housing affordability for buyers over time,” said Florida Realtors President Christina Pappas, vice president of the Keyes Family of Companies in Miami. “Still, the median time to contract statewide for single-family existing homes in June was 10 days compared to eight days during the same month a year ago. The median time to contract for existing condo-townhouse units was 12 days compared to 17 in June 2021.
“As market conditions fluctuate, consumers can turn to a local realtor for help and expertise when it comes to the complex process of buying or selling a home,” she added.
Last month, closed sales of single-family homes statewide totaled 28,296, down 17.2 percent year-over-year, while existing condo-townhouse sales totaled 11,796, down 27 percent over June 2021, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
Florida Realtors Chief Economist Dr. Brad O’Connor noted that while closed sales were down significantly compared to the same time a year ago, June’s level was similar to closed sales in June 2018 and 2019.
“Nearly 21 percent (20.9 percent) fewer existing single-family homes went under contract in June compared to a year ago,” he said. “In combination with a 13.2 percent year-over-year increase in new listings for single-family homes, this led to a hefty increase in end-of-month inventory, which is now about twice what it was only four months ago at the end of February. At this rate, we will be back at pre-pandemic inventory levels for single-family homes by the end of summer.”
New listings for existing condo-townhouse properties last month rose by 4.7 percent year-over-year.
The statewide median sales price for single-family existing homes in June was $420,000, up 19.7 percent from the previous year. Last month’s statewide median price for condo-townhouse units was $324,900, up 26.4 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
O’Connor said, “The median price for single-family home sales closing in June was $420,000, up nearly 20 percent year-over-year but unchanged compared to May. This marks the first time the single-family median sale price has failed to increase from May to June since 2008 – an indication that prices are starting to respond to the growing level of inventory available to buyers.”
On the supply side of the market, inventory (active listings) showed signs of easing in June as well as for all of 2Q 2022: Both single-family existing homes and condo-townhouse inventory increased year-over-year to stand at a 1.9-months’ supply in June and for all of 2Q 2022.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 5.52 percent in June 2022, significantly higher than the 2.98 percent average during the same month a year earlier. For the second quarter, the 30-year FRM averaged 5.24 percent compared to its average of 3.0 percent for 2Q 2021.
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