Florida Home Prices, Sales Continue to Rise in April
“Still-low mortgage interest rates and a strong jobs outlook are positive trends for Florida’s housing market,” said 2019 Florida Realtors President Eric Sain. “Another strong sign: New pending sales for existing single-family homes in April rose 4.4% year-over-year, while pending sales for existing condo-townhouse properties remained at about the same level (-0.8%) as April 2018.”
In April, statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for the 88th consecutive month. The statewide median sales price for single-family existing homes was $259,470, up 2.6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $194,050, up 2.1% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
According to the National Association of Realtors, the national median sales price for existing single-family homes in March 2019 was $261,100, up 3.8% from the previous year; the national median existing condo price was $244,400. In California, the statewide median sales price for single-family existing homes in March was $565,880; in Massachusetts, it was $390,000; in Maryland, it was $285,000; and in New York, it was $270,000.
Looking at Florida’s condo-townhouse market in April, statewide closed sales totaled 11,817, up 3.2% compared to a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
“April was easily the strongest month we’ve seen so far this year for home sales in the Sunshine State,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Prior to April, single-family closed sales for 2019 were actually down year-over-year, but with April’s little surge (up 6.2%), sales in 2019 are now up by 1% compared to where we were through the first four months of 2018.
“The statewide inventory of active listings continued to rise on a year-over-year basis in April, but the rate of this growth continues to slow somewhat. As of the end of April, there were about 95,000 single-family homes listed in Florida’s MLSs (Multiple Listing Services) or 6.6% more than were listed at the same time last year. The total of active listings of condos and townhouses was closer to about 58,500, up 6.4% compared to last year.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.47 percent in April 2019, compared to the 4.14 percent averaged during the same month a year earlier.