Wednesday, November 20, 2013

Florida, Brevard County Housing Sales Up

ORLANDO, Florida -- Florida’s housing market continued its upswing in October 2013, with more closed sales and higher median prices according to the latest housing data released by Florida Realtors®.

Statewide, closed sales of existing single-family homes totaled 18,728 in October, up 6.5 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 were up 9.3% from a year ago and the median price of those sold rose 3.4% to $120,000.

The median is the midpoint; half the homes sold for more, half for less. A rise or fall in the median prices of real estate sold does not necessarily mean the value of all real estate is increasing or decreasing.  Rather, the median reflects the most common price range in which real estate is sold.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 8,598 units sold statewide last month, up 3.1 percent from October 2012. The statewide median price for townhouse-condo properties in October was $130,000, up 22.1 percent over the previous year.

On Florida's Space Coast, sales of townhouse-condos were up 1.5% year-over-year and the median price also rose 12.1% to $102,000.

“October marks 23 months in a row that statewide median sales prices rose year-over-year for both single-family homes and for townhouse-condo properties,” said 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “Last month, the median days on market (the midpoint of the number of days it took for a property to sell) was 46 days for single-family homes and 48 days for townhouses and condos. On average, sellers received about 94 percent of their asking price in October."

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.19 percent in October 2013, up from the 3.38 percent average recorded during the same month a year earlier.