ORLANDO, Fla., Dec. 22, 2014 /PRNewswire/ -- Florida's
housing market reported higher median prices and a stable inventory
in November, according to the latest housing data released by
Florida Realtors®. Closed sales of single-family homes statewide
totaled 17,772 last month, up 10.7 percent over the November 2013 figure.
The statewide median sales price for single-family existing
homes last month was $176,000, up 3.5
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 November was $140,000, up 7.7 percent over the year-ago
figure. The median is the midpoint; half the homes sold for more,
half for less.
"Florida's housing market hit a
milestone in November: For three years now – 36 months in a row –
statewide median sales prices rose year-over-year for both
single-family homes and townhouse-condo properties," said 2014
Florida Realtors® President Sherri Meadows, CEO and team
leader, Keller Williams, with market centers in Gainesville, Ocala and The
Villages. "Realtors across the state continue to report
increased buyer interest, while stability and consistency remain
key trends for the housing sector.
"Statewide, the inventory (active listings) of single-family
homes in November rose 2.3 percent year-over-year, while new
townhouse-condo inventory remained stable at about the same level
as last year."
According to the National Association of Realtors® (NAR),
the national median sales price for existing single-family
homes in October 2014 was
$208,700, up 5.6 percent from the
previous year; the national median existing condo price was
$205,400. In California, the
statewide median sales price for single-family existing homes in
October was $450,620; in Massachusetts, it was $325,000; in Maryland, it was $255,094; and in New
York, it was $224,000.
Looking at Florida's
townhouse-condo market, statewide closed sales totaled 7,227 last
month, down 5.4 percent compared to November
2013. The closed sales data reflected fewer short sales last
month compared to the previous year: Short sales for
condo-townhouse properties declined 55.9 percent while short sales
for single-family homes dropped 46.1 percent. Closed sales
typically occur 30 to 90 days after sales contracts are
written.
"The real estate market in Florida has settled into a nice sustainable
groove," said Florida Realtors Chief Economist Dr. John Tuccillo, "We are seeing gradual changes,
mostly in the right direction, on all of our metrics. Condo sales
are down, but we've only seen four positive months this year, and
the decline from last November is modest. There does appear to be a
sweet spot in the condo market between $250,000 and $400,000 where sales are strong.
"Distressed sales continue to moderate, driven by continued
sharp declines in short sales. We are still concerned about the
lack of single-family inventory in homes priced under $200,000 – in part, this may explain the
continuing rise in foreclosure sales."
Inventory was at a 5.3-months' supply in November for
single-family homes and at a 6.0-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 4.00 percent in November 2014, down from the 4.26 percent average
recorded during the same month a year earlier.
To see the full statewide housing activity reports, go to
Florida Realtors Media Center at http://media.floridarealtors.org/
and look under Latest Releases, or download the November 2014 data report PDFs under Market Data
at: http://media.floridarealtors.org/market-data
Florida Realtors®, formerly known as the Florida
Association of Realtors®, serves as the voice for real
estate in Florida. It provides
programs, services, continuing education, research and legislative
representation to its 127,000 members in 61 boards/associations.
Florida Realtors® Media Center website is available at
http://media.floridarealtors.org.
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SOURCE Florida Realtors