By Florida Realtors
May was “the highest single-family home sales’ monthly total for any single month in … 10 years," says Brad O'Connor, Florida Realtors chief economist.
ORLANDO, Fla – Florida’s housing market reported increased sales, higher median prices, more pending sales and gains in inventory (active listings) in May compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 30,742 last month, up 9.6% over May 2018.
FLORIDA HOUSING MARKET UPDATE: MAY 2019
May turned out to be one of the strongest months we’ve seen in a long time for single-family homes in the Sunshine State. We're talking a 9.6 percent increase in sales from May 2018 and our highest monthly total for *any* single month over at least the past 10 years.“For expert advice and peace of mind, buyers and sellers should consult a local Realtor to learn more about area market conditions.”
In May, statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for the 89th consecutive month. The statewide median sales price for single-family existing homes was $266,000, up 4.3% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $195,000, up 3.7% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in April 2019 was $269,300, up 3.7% from the previous year; the national median existing condo price was $251,000. In California, the statewide median sales price for single-family existing homes in April was $602,920; in Massachusetts, it was $394,000; in Maryland, it was $295,000; and in New York, it was $271,000.
Looking at Florida’s condo-townhouse market in May, statewide closed sales totaled 12,217, up 1.6% compared to a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
“May turned out to be our highest single-family home sales’ monthly total for any single month over at least the past 10 years,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “What’s more, this growth was widespread, with sales increasing in 21 of the state’s 22 metropolitan areas.
“This resurgence in single-family home sales is largely being driven by a single factor, which is that mortgage interest rates have been declining sharply since late last year. It’s worth noting, for instance, that all-cash single-family home sales were actually only up 1.5% in May, whereas transactions involving financing were up over 12%.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.07% in May 2019, down from the 4.59% averaged during the same month a year earlier.
© 2019 Florida Realtors