Sales of single-family homes in Florida during July totaled 25,488, up 3.8 percent compared to July 2017, according to new data from Florida Realtors. Also on the rise was the statewide median sales price for single-family existing homes: $255,000, up 6.3 percent from the previous year.
The numbers were also bright for the Sunshine State’s condo and townhome market. The statewide closed sales total for condos and townhomes last month was 10,032, up 8.5 percent compared to a year ago, while the statewide median price for condo-townhouse units in July was $180,000, up 5.3 percent over the July 2017 level. July marked the 79th consecutive month that the statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year.
"In a positive sign for Florida's housing market and potential buyers, we saw a modest increase in new listings in July," said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. "New listings for existing single-family homes rose 3.1 percent compared to a year ago and new listings for condo-townhouse properties increased 2 percent from last July. Meanwhile, home sellers received more of their original asking price at the closing table. Sellers of existing single-family homes received 96.7 percent (median percentage) of their original listing price, while those selling condo-townhouse properties received 95.3 percent (median percentage)."
However, the single-family inventory level during July was 3.9 months, which marked the third month in a row that there has been no year-over-year change in inventory stock. Florida Realtors Chief Economist Brad O'Connor worried that this will shut out many potential young homeowners.
“Half of Florida's 4.3 million Millennials are now in their 30s, and while their employment opportunities have improved drastically in recent years, the state's housing shortage is locking them out of their best opportunity to build lasting wealth during their prime working years,” O'Connor said. “In the short run, their best bet may be to consider ownership of a multifamily unit like a condo or townhouse, where inventory levels are not nearly as tight in most areas around the state. Statewide, there's currently a 5.3-months' supply in the condo-townhouse category, indicating a much more balanced market than what we have with single-family homes.”