Friday, September 20, 2013

Florida Home Prices Increase In August

ORLANDO, Florida -- Florida’s housing market showed improvement in August with increased closed sales, higher median prices, more pending sales and a stable supply of homes for sale, according to the latest housing data released by Florida Realtors®.


Statewide, closed sales of existing single-family homes totaled 20,933 in August, up 12.5 percent compared to a year-ago.  The statewide median sales price for single-family existing homes last month was $175,000, up 18.6 percent from the previous year.


Brevard County's closed sales of existing single-family homes rose 11.5% from a year ago, and the median prices of those sold rose 13% 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 townhouse-condos, a total of 9,491 units sold statewide last month, up 6.3 percent from August 2012. Meanwhile, pending sales for townhouse-condos last month increased 11.6 percent year-to-year.


The statewide median price for townhouse-condo properties was $130,000, up 25.2 percent over the previous year. NAR reported that the national median existing condo price in July 2013 was $209,600.


The inventory for single-family homes stood at a 5.1-months’ supply in August; 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 up 15.4% year-over-year, and the median price rose 16.5% to $108,000.


According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.46 percent in August 2013, up from the 3.60 percent average recorded during the same month a year earlier.