Florida house prices are up 3.8% in the year to June 2019. It is the 90th month in a row they have risen.
The median sales price for single-family existing homes was $270,000. The median price for condo-townhouse units was $194,900, up 2.6%. That is the latest data from Florida Realtors.
Sales of single-family homes statewide totaled 27,283 last month, down 1.9% from June 2018. Year-to-date, however, single family home sales are up 2.1%. Condo-townhouse closed sales totaled 10,094, down 9.4% year-over-year.
Why Florida house prices are up 3.8%
Florida Realtors President Eric Sain, explains, “Sales cooled slightly in June, following what was a record-breaking month for home sales in Florida in May. However, inventory levels continued to improve in June, which helps ease the pressure of rising home prices and offers more options for potential homebuyers who may have been waiting to enter the market.
Florida’s single-family inventory (active listings) last month rose 2% over June 2018, while condo-townhouse inventory increased 4.6%.
Meanwhile, pending inventory for existing single-family homes was up 4.9% year-over-year. Pending inventory for existing condo-townhouse properties was up 2.5%. Pending inventory is the number of listed properties that were under contract at the end of the month or data collection period.
Looking at Florida’s condo-townhouse market in June, statewide closed sales totaled 10,094, down 9.4% compared to a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
Florida Realtors Chief Economist Dr. Brad O’Connor, says, “On the heels of a record-breaking month of May, sales of existing homes in Florida cooled off a little in June.
“The latest figures on inventory levels for June suggest that the recent reprieve in our longer-term single-family home shortage may be coming to an end. Year-over-year differences in inventory levels have been declining since the end of January, when there were almost 14% more homes listed than a year prior. As of the end of June, however, this gap narrowed to just 2%. It’s possible that at the end of July, in fact, we might just be back right where we started a year ago.”