Saturday, February 22, 2014

Traditional Real Estate Sales Increase In Florida

ORLANDO, Florida --  Florida’s housing market reported more closed sales, higher median prices, more new listings, fewer days on the market and the continued stabilization of inventory in January, according to the latest housing data released by Florida Realtors®.

The closed sales data reflected fewer short sales in January.  Traditional sales in Florida rose 20.4% for single-family homes and 16.9% for condo-townhome properties.

Statewide, closed sales of single-family homes totaled 15,000 last month, up 10.2 percent over the January 2013 figure.  Closed sales typically occur 30 to 90 days after sales contracts are written.

Brevard County's January closed sales of existing single-family homes were up 23.5% from a year ago. The median price of those sold rose 17.6% to $123,450.

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 townhome-condo market, statewide closed sales totaled 7,377 last month, up 9.3 percent compared to January 2013.

On Florida's Space Coast, sales of condo-townhomes are up 12.4% year-over-year, and the median price rose 5.6% to $98,500.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.43 percent in January 2014, up from the 3.41 percent average recorded during the same month a year earlier.