Tuesday, November 24, 2015

Florida Housing Market Cools In October

Florida’s housing market cooled in October 2015 due to fewer short sales and constrained inventory, according to the latest housing data released by Florida Realtors.

Florida Realtors October 2015 Housing Market Report 

The closed sales data reflected fewer short sales in the Sunshine State when compared to October 2014.  Short sales for townhouse-condo properties declined 47.7% year-over-year while short sales for single-family homes dropped 33.1%.

Statewide, closed sales of existing single-family homes rose last month with a total of 22,147, an increase of 1.2% over October 2014. The statewide median sales price for single-family existing homes last month was $198,995, up 12.4% from the previous year. In Florida’s townhouse-condo market, statewide closed sales last month totaled 9,294, down 0.9% compared to October 2014.

“The Florida real estate market is catching its breath after a frantic summer and early fall,” said Florida Realtors Chief Economist Dr. John Tuccillo. “One month’s numbers do not make a trend, but the October numbers are signaling a return toward a more balanced market.”

Inventory remains constrained, with a 4.4-months’ supply in October for single-family homes and a 5.3-months’ supply for townhouse-condo properties, according to Florida Realtors. Most analysts consider a 6-month supply of inventory as the benchmark for a balanced market between buyers and sellers.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.80 percent in October 2015, down from the 4.04 percent average recorded during the same month a year ago.

Brevard County October 2015 Real Estate Sales

Sales of townhouse-condos were up .9% year-over-year, and the median price of those units rose 6.2% to $138,500 on Florida's Space Coast, according to a housing market report released by Florida Realtors.

Brevard County's October closed sales of existing single-family homes were down 10.3% from a year ago. The median price of those homes sold rose 15.4% to $165,000, but was still $33,500 less than the statewide average of $198,995. The median is the midpoint; half the homes sold for more, half for less.

Image Credit: Wiki Commons