Monday, August 26, 2013
ORLANDO, Florida — Florida’s housing market gained momentum in July, with more closed sales, more pending sales, higher median prices and a shrinking inventory of homes for sale, according to the latest housing data released by Florida Realtors®. Statewide, closed sales of existing single-family homes totaled 21,238 in July, up 20.9% compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.
Brevard County’s closed sales of existing single-family homes rose 40.3% from a year ago, and the median prices of those sold rose 3.3% to $124,000.
The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 9,430 units sold statewide last month, up 16.8% from July 2012. Meanwhile, pending sales for townhouse-condos last month increased 20.7% compared to the year-ago figure.The statewide median price for townhouse-condo properties was $128,000, up 21.9% over the previous year. NAR reported that the national median existing condo price in July 2013 was $209,600.
The inventory for single-family homes stood at a 5-months’ supply in July; inventory for townhouse-condos was at a 5.2-months’ supply, according to Florida Realtors.
On Florida’s Space Coast, sales of townhouse-condos were up 52.6% year-over-year, but the median price dropped -2.5% to $117,000.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.37% in July 2013, up from the 3.55% average recorded during the same month a year earlier.