June existing-home prices up, sales down with constrained supply.
ORLANDO, Fla. – July 19, 2012 – Florida’s housing market had increased pending sales, more closed sales, higher median prices, and a reduced inventory of
homes for sale in June, according to the latest housing data released by Florida Realtors®.
“Florida’s housing recovery continues its positive momentum,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale.
“All of the signs point to solid gains, which is good news for the state’s economy. In June, pending sales were up 31 percent for existing single-family homes and nearly 23 percent for townhouse-condo units compared to a year ago.
The trend shows that many buyers are ready to purchase their Florida dream home, but a lack of
financing options and overly restrictive credit standards remain obstacles.”
Pending sales refer to contracts that are signed but not yet completed or closed; closed sales typically occur 30 to 90 days after sales contracts are written.
Statewide closed sales of existing single-family homes totaled 18,800 in June, up 5.3 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing.
Last month, the statewide median sales price for single-family homes was $151,000, up 8.2 percent from June 2011.
According to the National Association of Realtors (NAR), the national median sales price for existing single-family homes in May 2012 was $182,900, up 7.7 percent from the previous year.
In California, the statewide median sales price for single-family existing homes in May was $312,110; in Maryland, it was $259,207; and in New York, it was $208,000.
The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of
foreclosures and other distressed properties continue to distort the median price because they generally sell at a discount relative to traditional homes.
Looking at Florida’s year-to-year comparison for sales of townhomes/condos, 9,202 units were sold statewide last month, up 1.5 percent from those sold in June 2011.
The statewide median for townhome-condo properties was $110,000, up 15.8 percent over the previous year. NAR reported the national median existing condo price in May 2012 was $180,000.
Last month, the inventory for single-family homes stood at a six-month supply; the list for townhome-condo properties was at a 5.9-months collection, according to Florida Realtors.
“The trend we’ve seen established over the past year is continuing,” said Florida Realtors Chief Economist Dr. John Tuccillo.
“In June, every housing market indicator moved in the right direction. Closed sales are up, but pending deals, median prices, average prices, and the sales price ratio to list price.
Conversely, listings are down, days on the market are down, and – most important – inventories are down. We have now reached a six-month supply of inventory for existing single-family homes and a 5.9-months supply for townhouse-condos.”
Tuccillo added, “With an improving employment environment in Florida, we expect the housing market recovery to
continue in the future.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.68 percent in June 2012, significantly lower than the 4.51 percent average during the same month a year earlier.
To see the full statewide housing activity report, go to Florida Realtors Media Center at
http://media.floridarealtors.org/ and look under Latest Releases, or download the June 2012 data report PDF under Market Data at: .
© 2012 Florida Realtors®
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