Florida’s Housing Market Trends So Far This Year
Posted By Victoria Boss Vero Beach Realtor || 9-Sep-2014
The recent trends in Florida’s housing market are increases in new listings of homes, higher sales prices, and an increase in overall inventory.
The number of closed sales, so far in 2014, amounted to 23,181, which was observed to be 14.6 percent lower than that of June 2013. Florida realtors predicted median sales prices to rise for three consecutive months. The new listings for single-family homes and new townhome/condo increased by 12.4 percent for the year and 3 percent for the month. The statewide median price for a single-family home and new townhouse increased 5.2 percent and 8.5 percent, respectively, amounting to $185,000 and $141,000.
The National Association of Realtors (NAR) stated that for the month of May 2014, the national median sales price for existing single-family homes and existing condos increased from previous years, amounting to $213,600 (a 4.9 percent rise from 2013) and $212,300, respectively. The statewide median sales price for single-family existing homes in California was $466,320; Massachusetts was $347,900; Maryland was $273,912; and New York was $219,000.
The data for closed sales revealed a 3.1 percent increase as compared to June 2013, amounting to 9,594, for June 2014. This shows a significant decline in the rate of short sales, with a 60.3 percent drop for townhome and condo properties and a 51.9 percent drop for single-family homes. The interest rate for 30-year fixed-rate mortgages increased from 4.07 percent on average, as in June 2013 to 4.16 percent, on average, in June 2014, according to Freddie Mac.
The Florida Realtors’ Chief Economist stated that the month of June witnessed a considerable decrease in the number of short sales. However, data for the month is not sufficient enough to conclude the existence of a favorable market. The steady increase in home prices, sales, and foreclosure inventories will lead to a more stable development of Florida’s housing market.