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Florida Housing Market: More Sales, Higher Prices

Phil Hall
Sep 26, 2016
August was a very productive month for Florida’s housing market, with increases in sales and  median prices, according to new data released by Florida Realtors

August was a very productive month for Florida’s housing market, with increases in sales and  median prices, according to new data released by Florida Realtors.

Closed sales of single-family homes statewide totaled 25,070 in August, an 8.2 percent year-over-year increase, while the townhouse-condo market had 9,484 closed sales last month, up 3.3 percent compared to August 2015. The statewide median sales price for single-family existing homes last month was $225,000, up 12.6 percent from a year ago, while the statewide median price for townhouse-condo properties was $160,000, a 6.7 percent year-over-year increase. Sellers of existing single-family homes received 96.4 percent (median percentage) of their original listing price and townhouse-condo property sellers received 94.6 percent (median percentage).

The statewide median sales price for single-family existing homes last month was $225,000, up 12.6 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in August was $160,000, up 6.7 percent over the year-ago figure.

Last month in Florida, inventory was at a 4.2-months’ supply for single-family homes and at a 5.8-month supply for townhouse-condo properties. However, this can be seen as a problem for those seeking affordable homeownership opportunities.

“A continued lack of inventory—particularly in the mid-$200,000 and under range—is creating obstacles for many buyers who are trying to enter Florida’s housing market,” said 2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. “Rising median prices also may be an inhibiting factor for these would-be homeowners; however, the uptick in prices could persuade sellers that now is the time to list their properties for sale, which in turn may help ease the tight supply in many areas.”

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