ORLANDO, Fla., July 23, 2019 /PRNewswire/ -- In June, Florida's housing market reported rising median prices and increased inventory, including pending inventory and active listings inventory compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 27,283 last month, down 1.9% from June 2018.
"Sales cooled slightly in June, following what was a record-breaking month for home sales in Florida in May," said 2019 Florida Realtors President Eric Sain, a Realtor and district sales manager with Illustrated Properties in Palm Beach. "However, inventory levels continued to improve in June, which helps ease the pressure of rising home prices and offers more options for potential homebuyers who may have been waiting to enter the market. Florida's single-family inventory (active listings) last month rose 2% over June 2018, while condo-townhouse inventory increased 4.6%. Meanwhile, pending inventory for existing single-family homes was up 4.9% year-over-year, while pending inventory for existing condo-townhouse properties was up 2.5%.
"It may be difficult for a buyer or seller to stay on top of changing conditions in local housing markets, but a local Realtor will put his or her knowledge and expertise to work for you."
Pending inventory is the number of listed properties that were under contract at the end of the month or data collection period.
June's statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for 90 months in a row. The statewide median sales price for single-family existing homes was $270,000, up 3.8% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month's statewide median price for condo-townhouse units was $194,900, up 2.6% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in May 2019 was $280,200, up 4.6% from the previous year; the national median existing condo price was $257,100. In California, the statewide median sales price for single-family existing homes in May was $611,190; in Massachusetts, it was $420,000; in Maryland, it was $312,500; and in New York, it was $273,200.
Looking at Florida's condo-townhouse market in June, statewide closed sales totaled 10,094, down 9.4% compared to a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
"On the heels of a record-breaking month of May, sales of existing homes in Florida cooled off a little in June," said Florida Realtors Chief Economist Dr. Brad O'Connor. "Single-family home sales were down compared to last June in 14 of the state's 22 metro areas, falling by slightly less than 2% on a statewide basis. Year-to-date, however, single family home sales are still up by 2.1%.
"The latest figures on inventory levels for June suggest that the recent reprieve in our longer-term single-family home shortage may be coming to an end. Year-over-year differences in inventory levels have been declining since the end of January, when there were almost 14% more homes listed than a year prior. As of the end of June, however, this gap narrowed to just 2%. It's possible that at the end of July, in fact, we might just be back right where we started a year ago."
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.80% in June 2019, down from the 4.57% averaged during the same month a year earlier.
Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 187,000 members in 51 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.