Florida’s housing market reported higher median prices, fewer days on market and a constrained inventory of homes for sale in October, according to the latest housing data released by Florida Realtors®. Statewide closed sales of existing single-family homes rose last month with a total of 22,147, an increase of 1.2 percent over October 2014.
“October marked the 47th consecutive month that statewide median sales prices increased year-over-year for both single-family homes and townhouse-condo properties,” said 2015 Florida Realtors President Andrew Barbar, a broker with Keller Williams Realty Services in Boca Raton. “Sellers received a higher percentage of their original list price, with single-family homes getting on average 94.3 percent and townhome-condos getting 93.3 percent. It also took less time for homes to sell in October: a median of 46 days for single-family homes and 50 days for townhouse-condos.
“The state’s housing market continues to benefit from more people moving to Florida, the increased job growth and stronger economy.”
The statewide median sales price for single-family existing homes last month was $198,995, up 12.4 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in August was $150,000, up 7.2 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), thenational median sales price for existing single-family homes in September 2015 was $223,500, up 6.6 percent from the previous yearthenational median existing condo price was $209,200.In California, the statewide median sales price for single-family existing homes in September was $482,150; in Massachusetts, it was $340,500; in Maryland, it was $260,126; and in New York, it was $240,000.
Looking at Florida’s townhouse-condo market, statewide closed sales last month totaled 9,294, down 0.9 percent compared to October 2014. The closed sales data reflected fewer short sales in October: Short sales for townhouse-condo properties declined 47.7 percent while short sales for single-family homes dropped 33.1 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.
“The Florida real estate market is catching its breath after a frantic summer and early fall,” said Florida Realtors Chief Economist Dr. John Tuccillo. “One month’s numbers do not make a trend, but the October numbers are signaling a return toward a more balanced market.”
Inventory remains constrained, with a 4.4-months’ supply in October for single-family homes and a 5.3-months’ supply for townhouse-condo properties, according to Florida Realtors. Most analysts consider a 6-month supply of inventory as the benchmark for a balanced market between buyers and sellers.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.80 percent in October 2015, down from the 4.04 percent average recorded during the same month a year ago.
To see the full statewide housing activity reports, go to Florida Realtors’ website under “Research.” Association members (login required) also have access to local data specific to their market.