Florida Housing Market Enjoys Strong Q3 Results

The sun was shining on the Sunshine State’s housing market during the third quarter, according to data released by Florida Realtors.

Closed sales of single-family homes statewide totaled 74,141 in the third quarter, up 14.7 percent on a year-over-year basis. The statewide median sales price for single-family existing homes in during the quarter was $199,900, up 9.8 percent a year ago, while the statewide median price for townhouse-condo properties during the quarter was $150,000, up 7.9 percent year-over-year. Inventory in Florida was at a 4.4-months’ supply in the third quarter for single-family homes and at a 5.2-months’ supply for townhouse-condo properties.

As for the distressed housing environment, that appears to be shrinking. Short sales for condo-townhouse properties declined 41.8 percent year-over-year in the third quarter while short sales for single-family homes dropped 34.4 percent.

“It’s been a solid quarter for residential real estate in Florida, which is now exceeding the nation in sales and price growth,” said Florida Realtors Chief Economist John Tuccillo. “Even the condominium market, which had trailed single-family homes, is moving in a positive direction. We are seeing a sellers’ market developing, but with prices and interest rates rising, the market should become more balanced in 2016.”