Tuesday, April 22, 2014

Florida Real Estate Sales Up From Last Year

ORLANDO, Florida --  Florida’s housing market reported higher median prices, more new listings and a stable level of inventory in March, according to the latest housing data released by Florida Realtors. 


The closed sales data reflected fewer short sales last month compared to the previous year.  Short sales for condo-townhome properties declined 62.8% while short sales for single-family homes dropped 55.3%.
 


Statewide, closed sales for single-family existing homes last month was $173,000, up 7.1% from the previous year.  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 25.7% from a year ago. The median price of those sold rose 10.1% to $132,000.


The median is the midpoint; half the homes sold for more, half for less.  A rise or drop in the median price does not necessarily mean that properties are rising or declining in value.  Rather, the media price change could reflect a buying trend for higher or lower markets of properties.



Looking at Florida’s townhome-condo market, statewide closed sales totaled 9,580 last month, down 5.2 percent compared to March 2013.



On Florida's Space Coast, sales of condo-townhomes are up 13.8% year-over-year, and the median price rose 2.5% to $121,000.


According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.34 percent in March 2014, up from the 3.57 percent average recorded during the same month a year earlier.



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