House prices in Florida have risen 82 months in a row

November 29, 2018 12:22 pm

House prices in Florida have risen 82 months in a row.

It is now more than six and a half years that median sales prices have risen year-over-year in Florida. This is true for both single-family homes and condo-townhouses.

The median sales price for single-family existing homes was $253,853, up 7.6% a year in October 2018, according to data from Florida Realtors.

Single-family home sales also rose, increasing 8.5% a year to 22,272.

House prices in Florida have risen 82 months in a row

Florida Realtors President Christine Hansen tells why house prices in Florida have risen 82 months in a row. “Florida’s housing market showed a rise in new listings in October, which is a good sign for potential homebuyers.

“New listings for existing single-family homes rose 9.5 percent compared to a year ago and new listings for condo-townhouse properties increased 7.9 percent from last October.

“At the same time, the median time for a sale to go to contract is getting shorter. For single-family homes, it was 40 days, down seven percent from the same time last year; for condo-townhouse properties, it was 44 days, down 12 percent.”

The statewide median price for condo-townhouse units in October was $180,000, up 5.9% year-over-year. The median is the midpoint; half the homes sold for more, half for less.

Florida’s condo-townhouse closed sales totaled 9,270 last month, up 14.1% compared to a year ago.

Florida Realtors Chief Economist Dr. Brad O’Connor says, “Closed sales of single-family homes were up 8.5 percent in October compared to last year, thanks in large part to a level of inventory that has been on the rise since July.

“As of the end of the October, in fact, the inventory of active single-family home listings was up 9.8 percent year-over-year. If this trend continues into the new year, and should mortgage rates continue to climb as well, we might eventually see less vigorous price growth – but for now, price growth remains robust.

“Inventory levels in the condo-townhouse category have also been on the rise as of late, with active condo and townhouse listings up almost 5.4 percent statewide compared to last year.”