Fla.’s Housing Market: Median Price, New Listings Rise in July

Florida Realtors’ information: Median costs for single-family present houses rose 20.3% year-over-year to $355,000; up 20.5% to $253,000 for condos/townhomes. Chief Economist O’Connor says July information reveals indicators Fla.’s housing market is heading on a gradual path towards normalcy.

ORLANDO, Fla. – In July, Florida’s housing market reported increased median costs, extra new listings and an increase in all-cash gross sales in comparison with a 12 months in the past, in accordance with Florida Realtors® newest housing information.

“In a optimistic signal for Florida’s housing market, new listings rose year-over-year in July for each single-family houses, up 12.1%, and for condo-townhouse properties, up 4.6%,” says 2021 Florida Realtors President Cheryl Lambert, broker-owner with Solely Manner Realty Citrus in Inverness. “Our financial specialists additionally report that lively listings (stock) of single-family houses continued to rise all through July (from its lowest stage), which ultimately might be excellent news for consumers who’ve been sidelined by the scarcity of houses on the market. Nevertheless, any rebound in stock goes to be sluggish, and it’ll take an extended whereas to get again to the degrees we had pre-pandemic.”

Closed gross sales of single-family houses statewide in July totaled 30,740, a slight lower of two.1% year-over-year, whereas present condo-townhouse gross sales totaled 13,481, up 21.1% over July 2020. Closed gross sales could happen from 30- to 90-plus days after gross sales contracts are written.

The statewide median gross sales worth for single-family present houses in July was $355,000, up 20.3% from the earlier 12 months, in accordance with information from Florida Realtors Analysis Division in partnership with native Realtor boards/associations. Final month’s statewide median worth for condo-townhouse models was $253,000, up 20.5% over the year-ago determine. The median is the midpoint; half the houses offered for extra, half for much less.

In line with Florida Realtors Chief Economist Dr. Brad O’Connor, the info revealed indicators that the state’s housing market is heading on a gradual path towards normalcy, not less than in some respects.

“The two.1% drop in closed single-family residence gross sales marks the primary time that gross sales on this class have been down year-over-year on the statewide stage since Might of 2020, close to the start of the pandemic,” he says. “However keep in mind, final 12 months’s spring shopping for season was successfully postponed till the summer time and fall by the pandemic, so the second half of 2020 ended up being the strongest second half for gross sales in not less than 15 years. It’s not too shocking if gross sales counts over the subsequent few months fail to surpass their totals from one 12 months in the past.

“Nevertheless, 2019 – the final full 12 months of something resembling a standard market on account of COVID-19 – we discover that July 2021 single-family residence gross sales had been over 9% increased in comparison with July 2019.”

Dr. O’Connor notes that, in a unbroken pattern, the share of closed gross sales that had been all-cash purchases rose in July in comparison with the earlier 12 months. In July, single-family present residence gross sales paid in all money elevated by 49.9% year-over-year, whereas all-cash gross sales of condo-townhouse models rose by 44%.

On the provision aspect of the market, stock (lively listings) remained extraordinarily tight in July. Single-family present houses continued at a really low 1.2-months’ provide whereas condo-townhouse stock was at a 1.8-months’ provide.

In line with Freddie Mac, the rate of interest for a 30-year fixed-rate mortgage averaged 2.87% in July 2021, down from the three.02% averaged throughout the identical month a 12 months earlier.

To see the total statewide housing exercise stories, go to the Florida Realtors’ Newsroom and look below Newest Releases or obtain the July 2021 information report PDFs below Market Data on the positioning.

© 2021 Florida Realtors®

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