Florida median home values for single-family houses have risen 5.3% in the year to September to $265,000. That is according to the latest data from Florida Realtors.
Sales of single houses also rose by a healthy 11.5% to 23,510 in the 12 months earlier. It was the 93rd time in a row that year-over-year median prices rose.
Florida Realtors President Eric Sain explains why Florida median home values have risen. “Mortgage rates that remain historically low and strong economic trends continue to help fuel Florida’s housing market.
“In another positive sign, pending inventory for existing single-family homes was up 1.7% year-over-year, while pending inventory for existing condo-townhouse properties was up 0.9%.”
Pending inventory is the number of listed properties that were under contract at the end of the month or data collection period.
The median price for Florida condo-townhouses was $193,000, up 5.8% over the year-ago figure.
Closed sales totaled 9,007, up 6.1% 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, “With inventory levels continuing to dwindle, low mortgage interest rates remain the major reason we are continuing to see strong sales and price growth throughout much of the state and with both sales and prices continuing to rise, it should come as no surprise that the dollar volume of sales throughout the state also increased significantly this September compared to September of last year.
“Statewide, closed sales of single-family homes totaled to about $8 billion, a year-over-year increase of 17%. Dollar volume for sales of townhouses and condos, meanwhile, rose by 7.5% to about $2.4 billion.”