Closed sales, listings, median price all higher last month
October proved a good month for the Florida housing market as closed sales of single-family homes gained 8.5% year-over-year to 22,272.
Meanwhile in the condo-townhouse sector, statewide closed sales totaled 9,270 last month, up 14.1% compared to a year ago. And there were more homes available to buy too.
"Florida's housing market showed a rise in new listings in October, which is a good sign for potential homebuyers," said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. "New listings for existing single-family homes rose 9.5% compared to a year ago and new listings for condo-townhouse properties increased 7.9% from last October.”
Prices continued to increase – for the 82nd month – with the median price of single-family existing homes up 7.6% year-over-year to $253,853; while for condo-townhouse units there was a 5.9% increase to $180,000.
"Closed sales of single-family homes were up 8.5% in October compared to last year, thanks in large part to a level of inventory that has been on the rise since July," said Florida Realtors Chief Economist Dr. Brad O'Connor. "As of the end of the October, in fact, the inventory of active single-family home listings was up 9.8% year-over-year. If this trend continues into the new year, and should mortgage rates continue to climb as well, we might eventually see less vigorous price growth – but for now, price growth remains robust.”
