According to Florida Realtors latest housing data, the Florida housing market reported higher median prices with more new listings and a rise in all-cash sales in August compared to last year.
"The data shows that new listings continue to increase, which is hopeful news for buyers who may have been waiting to see more for-sale inventory come on the market," said 2021 Florida realtor president Cheryl Lambert, broker-owner with Only Way Realty Citrus in Inverness. "New listings for single-family homes in August rose 10.6% year-over-year, while new listings for condo-townhouse properties increased 1.4%. Still, it's likely to take some time before inventory levels rebuild."
Last month, statewide median sales for single-family existing homes was $354,000, up 18% from last year. Meanwhile, statewide median price for condo-townhouse $252,500, up 16.1% from August 2020.
Florida Realtors Chief Economist Dr. Brad O'Connor noted that while closed sales of single-family homes were up half a percentage point compared to a year ago, “that increase remains impressive given the rate at which homes were selling at this time last year. The market for condos and townhouses, however, remains the hotter market for now.”
In August, single-family existing home sales that were paid in all cash increased 48.3% year-over-year, while all-cash sales for condo-townhouse rose by 32.9% year-over-year.
On the supply side of the market, inventory was even more constrained in August. Dr. O'Connor said, “"Inventory levels at the end of August were not much different than they were at the end of July, but are still well below where they were a year ago. Active listings (inventory) of single-family homes were down 32.4% year-over-year, while active listings of condos and townhouses were down 52.4%.”
According to Freddie Mac, the interest rate for a 30-year fixed mortgage averaged 2.84% in August 2021, down from 2.94% a year earlier.
To see the full statewide housing activity reports, go to the Florida Realtors' Newsroom.
