Total Home Sales, Median Prices Up in Florida During the Second Quarter of 2019

In the second quarter of 2019, Florida’s housing market saw higher median prices and rising inventory, according to new data from the Florida Realtors.

From April through June, 85,017 single-family homes were sold which is up 4.6 percent from that time last year.

Florida Realtors President Eric Sain weighed in on those numbers on Wednesday.

“Median sales prices for both existing single-family homes and for condo-townhouse properties rose in Florida during the second quarter – and that’s a trend we’ve been experiencing for quite some time,” said Sain, a realtor and district sales manager with Illustrated Properties in Palm Beach. “Florida continues to attract new residents and businesses. In fact, our population is growing by about 906 new residents every day, or more than 300,000 people a year – that’s like adding a city about the size of Orlando every year, according to a recent report from state economists. This population growth, a current unemployment rate of 3.4 percent and a favorable jobs outlook continue to keep Florida’s economy strong.”

In the second quarter of 2019, the statewide median sales price for single-family existing homes was $265,000, up 3.3 percent from the second quarter of 2018.

There was a slight decline in the number of condos and townhouses sold between April and June compared to that time last year as 34,128 of them were sold, down 1.4 percent from the second quarter of 2018.  However, the statewide median price for condo-townhouse properties during the quarter was $195,000, up 2.9 percent from the second quarter of 2018. The median is the midpoint; half the homes sold for more, half for less.

“Low mortgage rates drove a major improvement in sales in the second quarter, which was more than enough to compensate for the rocky start we had at the beginning of the year,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “So, right now, we are on pace with our initial forecasts for 2019. Prices will continue to rise at a more traditional pace, and we will need to keep an eye on single-family inventory levels, as they are reverting to their lows of last year.”

 

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