ORLANDO, Fla. – Aug. 24, 2017 – Just like the weather, Florida's housing market was hot in July with more closed sales, higher median prices, increased pending sales and more new listings, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 24,546 last month, up 2 percent compared to July 2016.
"Florida's housing market gained momentum in July," says 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. More owners decided to put their homes up for sale. However, even with the increase in new listings, inventory remains tight and buyer demand is great. New listings for single-family existing homes rose 6.1 percent year-over-year, while new listings for existing condo-townhouse properties rose 5.5 percent. Homes continue to sell quickly, resulting in increased pending sales – up 3.3 percent for single-family homes and up 3.6 percent for condo-townhouse units.
The statewide median sales price for single-family existing homes last month was $240,000, up 7.1 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 July was $170,950, up 6.8 percent over the year-ago figure. July marked the 68th month-in-a-row that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.
"Florida's rate of employment growth continues to outpace the nation's, and a substantial number of Florida's millennials have started looking for their first home. At the same time, however, rents are still quite high, so homes in these price ranges remain attractive to investors, as well."
Inventory remained tight in July with a 3.9-months' supply for single-family homes and a 5.6-months' supply for townhouse-condo properties, according to Florida Realtors. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.97 percent in July 2017; it averaged 3.44 percent during the same month a year earlier.
For the full statewide housing activity reports, go to the Florida Realtors Research & Statistics section on floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors' website. "In such a fast-paced, tight-inventory market, consumers' best resource is a local Realtor, who is there to help successfully guide them through the complexities of buying or selling a home."
© 2017 Florida Realtors®
Tuesday
More than 700 homes to be built on 200+ acres of land next to Lake Howell in Seminole County!
A residential community with 250 town homes and 458 single-family houses is slated for Howell Branch Road in south Seminole County. Meritage Homes Corporation bought more than 200 acres on Howell Branch Road and east of Semoran Boulevard to develop a community being called Hawk’s Crest. The purchase price was about $40 million, property records show. New homes will have 1,600 to 5,200 square feet with three to six bedrooms. Prices are expected to range from $260,000 to $635,000 with sales starting in late 2018 and closings planned for early 2019, according to the company.
Mary Shanklin Contact Reporter
Orlando Sentinel
August 18, 2017
Mary Shanklin Contact Reporter
Orlando Sentinel
August 18, 2017
Subscribe to:
Posts (Atom)