Single-family home sales gained in October as low rates bring out buyers
Buyers of single family homes in Florida were enticed by low mortgage rates in October.
Florida Realtors’ data shows 23,440 sales of single family homes, up 5.2% year-over-year; New pending sales were up 13.3%, while pending inventory (those under contract) gained 9.5% year-over-year.
Condo-townhouse unit sales were essentially flat (down 0.5% to 9,226) year-over-year but new pending sales were up 4.2% while pending inventory for these homes gained 3.6%.
The statewide median sales price for single-family existing homes was $263,000, up 3.6% from the previous year while the median price for condo-townhouse units was $190,500, up 5.8% over the year-ago figure.
"Closed sales of single-family homes were up year-over-year in 20 of Florida's 22 metropolitan statistical areas in October, although the statewide increase of 5.2% is a little inflated on account of it being the one-year anniversary of Hurricane Michael," said Florida Realtors Chief Economist Dr. Brad O'Connor. "Because Michael severely disrupted housing markets throughout the Panhandle last October, the Panhandle markets saw very large year-over-year changes in closed sales in this October's figures. The Panhandle region as a whole saw an increase of 34.5% in closed sales of single-family homes, while the rest of the state recorded an increase of only 2.9%.”
