Florida’s Housing Market Continues Positive Track in July 2012
Pending sales, closed sales and median prices rose, while the inventory of homes and condos for sale dropped in Florida’s housing market in July, according to the latest housing data released by Florida Realtors®.
“Florida’s real estate recovery is on solid ground,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Since May 2011, pending sales have increased every month for both existing single-family homes and for townhome-condo properties. In July, pending sales were up more than 42 percent for existing single-family homes and 26 percent for townhouse-condo units, compared to a year ago. Home prices are on the rise in many markets, while the inventory of homes for sale is down. Florida’s housing market is growing stronger and stronger.”
Pending sales refer to contracts that are signed but not yet completed or closed; closed sales typically occur 30 to 90 days after sales contracts are written.
Statewide closed sales of existing single-family homes totaled 17,420 in July, up 9.8 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The statewide median sales price for single-family existing homes last month was $148,000, up 7.8 percent from July 2011.Looking at Florida’s year-to-year comparison for sales of townhomes/condos, a total of 7,779 units sold statewide last month, up 2.8 percent from those sold in July 2011. The statewide median for townhome-condo properties was $102,000, up 10.9 percent over the previous year. NAR reported the national median existing condo price in June 2012 was $183,200.
The interest rate for a 30-year fixed-rate mortgage averaged 3.55 percent in July 2012, significantly lower than the 4.55 percent average during the same month a year earlier, according to Freddie Mac.
To see the full statewide housing activity report, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the July 2012 data report PDF under Market Data at: http://media.floridarealtors.org/market-data
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