Florida Realtors

Sep 27, 2023

No Comments The real estate market in Florida, United States, reflected similar trends in August to those of recent months: Statewide Median Sales Prices Increased Year Over Yearwhile sales slowed, according to the latest housing data from Florida Realtors. “Prospective buyers continue to be attracted to Florida’s lifestyle, climate and job opportunities. Persistently higher mortgage rates and tight for-sale inventory are hampering sales activity,” said G. Mike McGraw, president. from Florida Realtors 2023. However, as home prices continue to stabilize and interest rates moderate, we expect conditions to return to a more balanced market with more options for buyers and sellers, said RE/MAX Central Realty Associate Broker in Orlando. Last August, closed sales of existing single-family homes in Florida totaled 22,917, 7.9% less than in August 2022, while sales of existing condominium townhomes totaled 9,279, down 7.2% from the same period last year, according to data from Florida Realtors in association with local real estate boards/associations. Closed sales can occur 30 to 90 days or more after sales contracts are drawn up. Florida remains a key market for residential purchases “Mortgage interest rates remain the most dominant factor in sales trends in Florida, as well as the rest of the US, so the continued year-over-year declines we are seeing in closed sales are not surprising. “This summer, the average rate on 30-year fixed mortgages was around 7%, compared to 5% and 5.5% last summer,” said Brad O’Connor, the firm’s chief economist. The statewide median sales price for existing single-family homes in August was 415 thousand dollars, 2% more than in the same month of the previous yearwhile the statewide median price of condominium and townhouse units was $324,000, up 6.2% from the August 2022 figure. “Continuing to offset these elevated home price levels are the impact of lower sales levels in terms of dollar volume, which is calculated as the combined total sales value of all home transactions that close each month,” O’Connor said. With respect to Dollar volume of closed sales of existing single-family homes in Florida in Augustsaid It was approximately 13.2 billion dollars (mdd). That’s 4.4% less than last August; However, dollar volume has been closer to 2021 and 2022 levels so far this year, compared to before the pandemic in 2019. Until August, The dollar volume of single-family homes in Florida has been approximately $104 billioncompared to approximately $69 billion during the same 8-month period in 2019. In the townhomes and condos category, dollar volume actually increased year-over-year in August, 2.8%, to $4.1 billion. On the supply side of the market, existing single-family homes increased slightly to reach a 3-month supply in Augustwhile condo properties increased to a supply of 3.8 months, it was indicated.