Tag: housing market
“On the heels of a weak spring buying season brought about by the COVID-19 pandemic, closed sales of existing homes surged throughout the U.S. in the third quarter of 2020, and Florida was no exception,” O’Connor said. “And while the release of pent-up demand from spring certainly played a major role in this resurgence, it’s likely that the most important driving factor has been the record-low mortgage rates we’ve been experiencing.”
Florida’s housing market reflected the impact of coronavirus pandemic and economic turmoil in the second quarter of 2020, particularly during April and May: higher median prices and more pending inventory, but fewer closed sales and fewer new listings compared to the second quarter of 2019, according to the latest housing data from Florida Realtors.
The Florida Realtors released a report on Monday showing that the coronavirus pandemic impacted the housing market across the Sunshine State last month.
Closed sales of single-family homes across the state in April dropped 20.7 percent compared to April 2019 while condo-townhouse sales fell 36.5 percent over that period. Still, there was a quantum of good news.