Florida housing market settles in June

shadow_homeFlorida’s housing market reported more closed sales, higher median prices, increased new listings and a rise in inventory in June, according to the latest housing data released by Florida Realtors Wednesday. Closed sales of single-family homes statewide totaled 23,181 last month, up 14.6 percent over the June 2013 figure.

But, Florida Realtors Chief Economist, Dr. John Tuccillo says, although June was a very strong month for both single-family and townhouse and condo markets, it’s balanced by a somewhat weaker May.

“June was a very strong month for both the single-family and the townhouse and condo markets in Florida, and we are very encouraged by the data. But a look at one month alone does not ever truly describe the market. So when the strong June report is balanced by a somewhat weaker May, the picture of a market settling-in emerges,” said Dr. John Tuccillo, Florida Realtors Chief Economist.

“We are generally seeing slower increases in both sales and prices, and a rising level of inventories. All of this points to a continued steady, manageable growth in the Florida housing market,” he added.

The statewide median sales price for single-family existing homes last month was $185,000, up 5.2 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis (IDA) department. The statewide median price for townhouse-condo properties in June was $141,000, up 8.5 percent over the year-ago figure.

Regarding Florida’s townhouse-condo market, statewide, closed sales totaled 9,594 last month, up 3.1 percent compared to June 2013. The closed sales data reflected fewer short sales last month compared to the previous year: Short sales for condo-townhouse properties declined 60.3 percent while short sales for single-family homes dropped 51.9 percent.

Inventory was at a 5.6-months’ supply in June for single-family homes and at a 5.8-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 4.16 percent in June 2014, up from the 4.07 percent average recorded during the same month a year earlier.

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