Florida’s housing market is hot – just like the summer weather.
Median values of single-family homes rose 5.1% to $268,000 in the year to July 2019. That is according to the latest figures from Florida Realtors. The median price for condo-townhouses was $188,000, up 4.4% year-over-year. It was the 91st month in a row annual values had risen.
Florida’s housing market also reported more closed sales, more pending sales and higher median prices in July. That is in comparison with a year ago.
Sales of single-family homes across the state rose 10.4% in the year to July 2019 to 28,142.
Why Florida’s housing market is hot
Florida Realtors President Eric Sain, says, “Just like the weather, July was a hot month for Florida’s housing market with sales and median prices showing gains in both the single-family and condo-townhouse sectors.
“In another positive sign, pending inventory for existing single-family homes was up 4.5% year-over-year, while pending inventory for existing condo-townhouse properties was up 1.2%.”
Looking at Florida’s condo-townhouse market in July, statewide closed sales totaled 10,470, up 4.3% compared to a year ago.
Florida Realtors Chief Economist Dr. Brad O’Connor, explains, “After taking a little breather in June, the pace of existing home sales in Florida ramped right up again in July.
“Closed sales of single-family homes were up more than 10% in July compared to a year ago, and new pending sales – that is, the number of homes that went under contract during the month – were up by 7.4%, year-over-year.”