Wednesday, July 24, 2013

Florida, Brevard County Home Prices Up

ORLANDO, Florida -- Florida's housing market continued to show increased strength in June, including more closed sales of single-family homes, more new listings, rising median prices and a reduced inventory of homes for sale, according to the latest housing data released by Florida Realtors®.


Statewide closed sales of existing single-family homes totaled 20,403 in June, up 8.6 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.


Brevard County's  closed sales of existing single-family homes rose 13.6% from a year ago, and the median prices of those sold rose 4% to $130,000.


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 downwardly 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 townhouse-condos, a total of 9,136 units sold statewide last month, slightly less than the June 2012 level (down 2.5 percent). Meanwhile, pending sales for townhouse-condos last month increased 14.2 percent compared to the year-ago figure. 


The statewide median for townhouse-condo properties was $130,000, up 18.2 percent over the previous year. NAR reported that the national median existing condo price in June 2013 was $210,200 .


The inventory for single-family homes stood at a 5-months' supply in June; inventory for townhouse-condos was at a 5.2-months' supply, according to Florida Realtors.


On Florida's Space Coast, sales of townhouse-condos were down 14.8% year-over-year, but the median price rose 20.1% to $120,000. 


According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.07 percent in June 2013, up from the 3.68 percent average recorded during the same month a year earlier.