Florida’s housing market reported more closed sales, rising median
prices, increased pending sales, more new listings and a reduced
inventory of homes for sale in February, according to the latest housing
data released by Florida Realtors®.
“Each month brings more positive signs for the state’s housing market,”
says 2013 Florida Realtors President Dean Asher, broker-owner with Don
Asher & Associates Inc. in Orlando. “For example, February is the
14th month in a row that statewide median sales prices for both
single-family homes and for townhouse-condo units increased
year-over-year, according to Florida Realtors’ data.
“Properties are selling more quickly statewide, especially at certain
price points – the median days a home is on the market dropped about 15
percent for single-family homes and 10 percent for townhouse-condo units
in February. Plus, sellers are receiving more than 92 percent of their
original listing price in both the single-family home and
townhouse-condo markets.”
Statewide closed sales of existing single-family homes totaled 15,666 in
February, up 10.3 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.
Meanwhile, pending sales – contracts that are signed but not yet
completed or closed – for existing single-family homes last month rose
26.7 percent over the previous February. The statewide median sales
price for single-family existing homes last month was $150,000, up 12.8
percent from the previous year.
According to the National Association of Realtors® (NAR), the national
median sales price for existing single-family homes in January 2013 was
$174,100, up 12.6 percent from the previous year. In California, the
statewide median sales price for single-family existing homes in January
was $337,040; in Massachusetts, it was $282,500; in Maryland, it was
$223,469; and in New York, it was $220,000.
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 8,028 units sold statewide last month, up 7
percent compared to February 2012. Meanwhile, pending sales for
townhouse-condos in February increased 14.3 percent compared to the
year-ago figure. The statewide median for townhouse-condo properties was
$115,000, up 21.1 percent over the previous year. NAR reported that the
national median existing condo price in January 2013 was $169,600.
The inventory for single-family homes stood at a 5.5-months’ supply in
February; inventory for townhouse-condos was at a 6.1-months’ supply,
according to Florida Realtors.
“Several things are particularly striking about the February data,” said
Florida Realtors Chief Economist Dr. John Tuccillo. “First, we note the
continuing growth of cash sales, which are now half of existing
single-family closed sales statewide and more than three-quarters of
townhouse-condo closed sales. Second, we’re seeing more new listings and
that trend is turning positive. This is the first sign that low
inventories are convincing sellers to come to the market.
“Third, and related to the last point, the lowest price tiers (for home
listings) are just about wiped out and are moving in a direction counter
to the state trend,” Tuccillo noted. “The biggest movements in listings
as well as the other metrics are in the $300,000-$500,000 price tier.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate
mortgage averaged 3.53 percent in February 2013, down from the 3.89
percent average during the same month a year earlier.
To see the full statewide housing activity report, go to the Florida Realtors Research
page on the website and click on the Research page; then look under
Latest Housing Data, Statewide Residential Activity and get the February
reports. Or go to Florida Realtors Media Center and download the February 2013 data report PDFs under Market Data.
© 2013 Florida Realtors®
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