Florida Home Sales in June Spike 14.6% Over Last Year

Florida Home Sales in June Spike 14.6% Over Last Year

Residential News » North America Residential News Edition | By Michael Gerrity | July 22, 2014 1:20 PM ET

According to the Florida Realtors, Florida's housing market reported more closed sales, higher median prices, increased new listings and a rise in inventory in June 2014. Closed sales of single-family homes statewide totaled 23,181 last month, up 14.6 percent over the June 2013 figure.
"June marked the 31st month in a row - more than 2 ½ years - that median sales prices rose year-over-year for both single-family homes and townhome-condo properties," said 2014 Florida Realtors President Sherri Meadows. "The state's steadily improving jobs outlook and rising influx of people continue to have a positive impact on Florida's housing market. Statewide, new listings for single-family homes in June rose 12.4 percent year-over-year, while new townhouse-condo listings rose 3 percent."
The statewide median sales price for single-family existing homes last month was $185,000, up 5.2 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis (IDA) department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in June was $141,000, up 8.5 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 May 2014 was $213,600, up 4.9 percent from the previous year; the national median existing condo price was $212,300. In California, the statewide median sales price for single-family existing homes in May was $466,320; in Massachusetts, it was $347,900; in Maryland, it was $273,912; and in New York, it was $219,000.
Looking at Florida's townhouse-condo market, statewide closed sales totaled 9,594 last month, up 3.1 percent compared to June 2013. The closed sales data reflected fewer short sales last month compared to the previous year: Short sales for condo-townhouse properties declined 60.3 percent while short sales for single-family homes dropped 51.9 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.
Florida Realtors Chief Economist Dr. John Tuccillo said, "June was a very strong month for both the single-family and the townhouse and condo markets in Florida, and we are very encouraged by the data. But a look at one month alone does not ever truly describe the market. So when the strong June report is balanced by a somewhat weaker May, the picture of a market settling-in emerges.
"We are generally seeing slower increases in both sales and prices, and a rising level of inventories. All of this points to a continued steady, manageable growth in the Florida housing market."
Inventory was at a 5.6-months' supply in June for single-family homes and at a 5.8-months' supply for townhouse-condo properties, according to Florida Realtors.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.16 percent in June 2014, up from the 4.07 percent average recorded during the same month a year earlier.

Source: Florida Realtors

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