#Florida Realtors, Housing market sees 2Q 2016 increase #housing market had more new listings, higher median prices and fewer days to a sales contract during the second quarter of 2016, according to the Realtors.
Closed sales of single-family #homes statewide totaled 76,748 in second-quarter 2016, up 1.4 percent from second-quarter 2015.
“Florida continued to add new jobs, which attracts new residents, encourages economic growth and strengthens the housing market,” said 2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. “Traditional housing sales increased statewide over the three-month period, while sales of distressed properties continued to decline. In another positive sign, new listings for single-family homes over the three-month-period rose 2.9 percent year-over-year.”
The statewide median sales price for single-family existing homes in second-quarter 2016 was $220,000, up 10 percent from the year-ago period, according to data from Florida Realtors. “Existing home sale prices throughout most of Florida’s metro areas are continuing to exhibit robust year-over-year growth,” said Florida Realtors Chief Economist Brad O’Connor. “Demand is strong and supply is limited. The inventory of homes #for sale at the more affordable end of the price spectrum – which includes the vast majority of distressed properties – continues to decline significantly, and new construction has not come close to making up the difference.”
Meanwhile, traditional sales for single-family homes increased 14.4 percent year-over-year. Closed sales typically occur 30 to 90 days after sales contracts are written. In second-quarter 2016, the median time to a contract (the midpoint of the number of days it took for a property to receive a sales contract during that time) was 42 days for single-family homes and inventory was at a 4.3-months’ supply, according to Florida Realtors.
The interest rate for a 30-year fixed-rate mortgage averaged 3.59 percent for second-quarter 2016, down from the 3.96 percent average during the same quarter a year earlier, according to Freddie Mac.