Housing Market in Florida Continues to Grow

Florida’s housing market continued its upswing in October 2013, with more closed sales, higher median prices, more new listings and a stabilizing supply of homes for sale, according to the latest housing data released by Florida Realtors.

Statewide closed sales of existing single-family homes totaled 18,728 in October 2013, up 6.5 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis Report.  Closed sales typically occur 30 to 90 days after sales contracts are written.

Meanwhile, pending sales, contracts that are signed but not yet completed or closed, for existing single-family homes last month rose 3.4 percent over the previous October, and new listings increased 16.4 percent.  The statewide median sales price for single-family existing homes last month was $169,000, up 16.6 percent from the previous year.  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 September 2013 was $199,300, up 11.4 percent from the previous year.  In California, the statewide median sales price for single-family existing homes in September was $428,810; in Massachusetts, it was $325,000; in Maryland, it was $256,672; and in New York, it was $230,000.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 8,598 units sold statewide last month, up 3.1 percent from October 2012.  Meanwhile, pending sales for townhouse-condos last month eased slightly, down 3.6 percent compared to the year-ago figure, but new listings rose 9.8 percent.  The statewide median price for townhouse-condo properties in October was $130,000, up 22.1 percent over the previous year.

Inventory was at a 5.5-months’ supply in October for single-family homes and at a 5.6-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 4.19 percent in October 2013, up from the 3.38 percent average recorded during the same month a year earlier.

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