Florida’s Housing Market Continued Upswing During November

ORLANDO FL – Closed sales, pending sales, median prices and average prices all rose across Florida’s housing market during November (2012), while the inventory of homes and condos for sale got smaller, according to housing data released by Thursday (Dec. 20, 2012) by Florida Realtors®, formerly the Florida Association of Realtors®.

“With home sales strongly trending up and the supply of homes for sale drying up, the market is hot,” association President Summer Greene said. “We expect these trends to continue into 2013 with the jobs market improving, low mortgage rates continuing, and consumer confidence getting stronger,” Greene added.

Statewide closed sales of existing single-family homes totaled 17,072 in November, up 24.4 percent compared to the year-ago figure, according to data from the association’s Industry Data and Analysis department and its vendor partner, 10K Research and Marketing. Closed sales typically occur 30- to 90-days after sales contracts are written.

Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes last month rose 45.8 percent over the previous November. The statewide median sales price for single-family existing homes in November was $150,000, up 11.2 percent from a year ago.

The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

The inventory for single-family homes stood at a 5.1-months’ supply in November, and inventory for town home-condo properties was at a 5.3 months’ supply, according to the association. Industry analysts note that a 5.5-months’ supply symbolically represents a market balanced between buyers and sellers.

The interest rate for a 30-year fixed-rate mortgage averaged 3.35 percent in November 2012, down from the 3.99 percent averaged during the same month a year earlier, according to Freddie Mac.

This article was cross-posted from the Polley Associates’ blog
Photo from Google Images