Florida housing market: median prices rise 18%

Florida housing market: median prices rise 18%

The Florida housing market continued to report higher average prices, more cash sales and tight inventory in the third quarter of 2021, according to the latest housing data from Florida Realtors.

Closed sales of single-family homes statewide totaled 88,592 in the third quarter of 2021, down 1.1% from the level in the third quarter of 2020; Closed sales of independent residential real estate totaled 37,876, up 13% over the same quarter last year, according to data from Florida Realtors Research in partnership with local realtors’ boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

“Although the pace of home sales slowed down as of spring, it was still very strong in the third quarter of 2021, especially for condo properties,” said Florida Realtors chief economist Dr. Brad O’Connor. “Price growth has slowed a bit in recent months as well, but the average sales price of single-family homes in the third quarter is still up 18.4% year-over-year (to $355 000), while the median price for condos and townhouses is up By 18.6% (to $254,900) compared to last year.

The median is the midpoint. Half of the homes are sold for more than half for less.

He added: “House stocks in the market increased during the first quarter, which is good news, but recent data shows that the pace of this increase has slowed significantly. This is just another reminder that we have a long way to go in terms of providing enough homes for sale to meet the persistent high level. The demand we see in all the different sectors of the housing market.”

The share of closed-end sales that were all-cash purchases increased in the third quarter of 2021 from a year earlier: Existing single-family homes sales paid entirely in cash were up 45.5% year-over-year, while all-cash sales of detached homes were up. Units are up 33.2%.

In the third quarter of 2021, the average time to contract (the middle of the number of days it takes a property to receive a contract of sale during that time) was 10 days for single-family homes and 15 days for residential properties.

Inventory was at 1.3 months of supply in the third quarter for single-family homes and at 1.7 months of supply for condominium properties, according to Florida Realtors.

According to Freddie Mac, the average 30-year fixed-rate mortgage rate was 2.87% for the third quarter of 2021, down from the average of 2.95% recorded during the same quarter a year earlier.

To see the full statewide housing activity reports, go to the Florida Realtors Newsroom at http://floridrealtors.org/newsroom and look under the most recent releases, or download the third-quarter 2021 data report in PDF format under Market Data at: http:/ /floridrealtors.org/newsroom/market-data.

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