Florida home prices rise strongly after hurricane

December 4, 2017 4:15 pm

Florida single-family home values rose 7.1% in the year to October 2017, according to the latest figures.

The impact of Hurricane Irma on Florida’s housing market resolved by the end of October. Sales, median prices, new listings and new pending sales all rose, despite limited inventory.

Sales of single-family homes statewide totaled 20,543 last month, a 2% annual rise.

Real estate activity has returned

Florida Realtors President Maria Wells says, “Home purchases stalled by Hurricane Irma striking Florida in September resumed. And many of those sales closed in October.

“Areas hit hardest by the hurricane will still take time to recover, but in other parts of the state, real estate activity has returned. Sellers were ready to put their homes on the market in October, with new listings for single-family existing homes up 9.8 per cent year-over-year; new listings for existing condo-townhouse properties rose 14.6 per cent.”

The median sales price for Florida single-family existing homes was $235,558, up 7.1% from the previous year. That is according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations.

The median price for condo-townhouses was $170,000, a 5.2% annual rise. October was the 70th month-in-a-row that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.

Condo-townhouse closed sales reached 8,116 in October, up 2.2% a year. Closed sales data reflected fewer short sales and foreclosures last month.

Florida Realtors Chief Economist Dr. Brad O’Connor, says, “Last month, we talked about how it’s not uncommon for Florida to see a quick rebound in sales of existing homes the month after a hurricane.

“And, according to the latest data, that’s exactly what happened in the Sunshine State in October. Both single-family home and condo-townhouse sales rose, boosted in part by closings that otherwise would have been completed in September if not for delays brought about by Hurricane Irma.

“Because of the length of the home-selling process, we’ll likely see some reverberations of Irma’s impact statewide for a couple more months, but October’s statistics are very encouraging.”

Source: http://www.prnewswire.com/news-releases/fla-housing-market-sales-median-prices-rise-in-oct-2017-300559739.html