ORLANDO, Florida., September 21, 2022 /PRNewswire/ — florida the housing market reported increased inventory (listings in progress) and higher median prices in August 2022 compared to a year ago, according to the latest housing data from Florida Realtors®. However, rising mortgage interest rates, inflation and other economic factors continue to impact sales.
“We see signs that florida the housing market is changing as inventory for sale continued to rise in August,” said the president of 2022 Florida Realtors Christina Papasvice president of the Keyes family of companies in Miami. “Much-needed gains in active inventory will hopefully ease the pressure of rising home prices for buyers. state for existing single-family homes in August was 16 days compared to nine days in the same month a year ago.The median time to contract for existing condominium and townhouse units was 17 days, compared to 15 in August 2021.
“Buying or selling a home is a big decision. Consumers can turn to a real estate agent to help them understand local market conditions.”
Last month, closed sales of single-family homes statewide totaled 24,877, down 15.8% year-over-year, while sales of condo-existing townhouses totaled 10 000, down 20.3% from August 2021, according to data from the Florida Realtors Research Department in partnership with local realtor councils/associations. Closed sales can take place 30 to more than 90 days after the drafting of the sales contracts.
As inventories rise, Florida Realtors chief economist Dr. Brad O’Connor pointed out that the rate of this growth “has slowed considerably”.
He said: “At the end of August, there were nearly 64,000 single-family homes actively listed for sale in florida Multiple Listing Services (MLS), up 70.4% from a year ago and 137% up from six months ago at the end of February. But the number of active registrations is still nearly 26% lower than it was three years ago, before the pandemic. In addition, the growth rate of single-family home inventories slowed considerably in August, rising only 4% from the previous month. In contrast, month-over-month inventories were up 33% in June and 17% in July.”
One of the reasons for the decline in inventory growth is lower new listings, he said.
“In August, new single-family home listings were down 3% from a year ago, when they were up more than 3% in July,” O’Connor said. “New listings of condominiums and townhouses fell 10.6% in August. This trend should continue for the time being, as some owners are reluctant to register in this uncertain economic environment.”
The statewide median sale price for existing single-family homes last month was $407,000, up 15% on the previous year. Last month’s statewide median price for condominium apartments was $305,000, up 20.8% over the previous year. The median is the midpoint; half of the houses sold more expensive, the other half cheaper.
On the supply side of the market, the upward trend in inventory (active listings) continued, increasing year over year in August. The supply of existing single-family homes increased to 2.4 months, while existing condominium and townhouse properties are at 2.2 months.
According to Freddie Mac, the interest rate on a 30-year fixed rate mortgage averaged 5.22% in August 2022significantly higher than the average of 2.84% for the same month a year earlier.
To see full reports on housing activity statewide, go to the Florida Realtors Newsroom at http://floridarealtors.org/newsroom and look under Latest versions or download the August 2022 PDF data report under Market Data at: http://floridarealtors.org/newsroom/market-data.
Realtors in Florida® is the voice of real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its more than 225,000 members in 51 councils/associations. Realtors in Florida® The newsroom website is available at http://floridarealtors.org/newsroom.
Florida Realtors SOURCE