ORLANDO, Fla. \u2013 Florida\u2019s housing market continued to report more closed sales, higher median prices, more new listings and increased pending inventory compared to a year ago, according to Florida Realtors\u00ae<\/span><\/span><\/span><\/span>\u00a0latest housing data. Note that this month\u2019s May 2020 comparison data reflects the state lockdown and economic uncertainty that occurred last spring during the coronavirus pandemic.<\/span><\/span><\/p>\n

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\n Good News! Inventory Rises Slightly in May<\/a>
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Inventory of existing family homes rose\u00a0for the first time since March 2020, albeit only a bit. Could this mean we’re finally at the start of a long march back toward a balanced market?<\/div><\/div>\n
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Watch video<\/div>\n
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\u201cIn May, Florida\u2019s housing market continued to show strong year-over-year gains,\u201d says 2021 Florida Realtors President Cheryl Lambert, <\/span><\/span>broker-owner with Only Way Realty Citrus in Inverness. <\/span><\/span>\u201cOf course, in May 2020, Florida remained under lockdown and was feeling the effects of the pandemic.<\/em> Median prices continue to rise: Part of the reason is that the state is experiencing a greater share of luxury sales in 2021 compared to a year ago, but overall home price appreciation is also a big factor pushing costs higher.\u201d<\/span><\/span><\/p>\n
Closed sales of single-family homes statewide in May totaled 30,985, up 57.9% year-over-year, while existing condo-townhouse sales totaled 15,491, up 155.2% over May 2020. Closed sales may occur from 30- to 90-plus days after sales contracts are written.<\/span><\/span><\/p>\n
The statewide median sales price for single-family existing homes was $344,900, up 27.7% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards\/associations. Last month\u2019s statewide median price for condo-townhouse units was $250,000, up 24.1% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less. <\/span><\/span><\/p>\n
May\u2019s housing data offered insight into market trends, according to Florida Realtors Chief Economist Dr. Brad O\u2019Connor.<\/span><\/span><\/p>\n
\u201cFlorida\u2019s inventory of existing single-family homes listed for resale increased slightly over the course of the month, rising from 31,618 as of the end of April up to 32,021 by May 31,\u201d he says. \u201cWhile that\u2019s only a little over a 1% increase, it\u2019s significant because this is the first time Florida\u2019s single-family inventory has increased during any month since March of 2020. It comes on the heels of only a very slight month-over-month statewide decline of just 40 single-family active listings (inventory) from March to April. So that\u2019s two consecutive months where the state\u2019s single-family inventory has been relatively stable.<\/span><\/span><\/p>\n
\u201cOf course, we are still down 58.2% compared to a year ago, so we are by no means out of the woods in terms of the housing shortage \u2013 but we can at least take this flattening inventory curve as a sign that we might finally be at the start of a long march back toward a balanced market.<\/span><\/span><\/p>\n
O\u2019Connor explains one reason the decline in single-family inventory appears to have stopped is that the number of existing homes being listed for sale each month generally continues to be in line with recent historical norms prior to the pandemic.<\/span><\/span><\/p>\n
\u201cDuring May, 34,298 single-family homes came onto the market, which is only 179 fewer new listings than in May of 2018, and just 212 more than May of 2019,\u201d he says. \u201cAt the same time, the number of single-family homes going under contract each month, which has been well above historical pre-pandemic norms since June of last year, has been slowly but surely trending back toward those norms in each successive month of 2021.<\/span><\/span><\/p>\n
\u201cThis reversion toward historical norms in the level of contract signings is a strong indicator that monthly counts of closed single-family home sales will also move back toward more normal levels, and this appears to have started in earnest in May.\u201d<\/span><\/span><\/p>\n
On the supply side of the market, inventory (active listings) remained tightly constrained in May. Single-family existing homes were at a very low 1.1-months\u2019 supply while condo-townhouse inventory was at a 2.0-months\u2019 supply.<\/span><\/span><\/span><\/p>\n
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.96% in May 2021, down from the 3.23% averaged during the same month a year earlier.<\/span><\/span><\/p>\n
To see the full statewide housing activity reports, go to the Florida Realtors\u2019 Newsroom<\/a> and look under Latest Releases or download the May 2021 data report PDFs under Market Data<\/a> on the site.<\/span><\/span><\/p>\n
\u00a9 2021 Florida Realtors\u00ae<\/span><\/span><\/p>\n<\/div><\/div>\n
Go to Source<\/a>
\nAuthor: kerrys<\/p>\n","protected":false},"excerpt":{"rendered":"
By Marla Martin Florida Realtors\u2019 data: May had more closed sales, more new listings and higher median prices (up 27.7% for single-family homes, 24.1% for condos) than a year ago.\u00a0 ORLANDO, Fla. \u2013 Florida\u2019s housing market continued to report more closed sales, higher median prices, more new listings and increased pending inventory compared to a year ago, according to Florida Realtors\u00ae\u00a0latest housing data. Note that this month\u2019s May 2020 comparison data reflects the state lockdown and economic uncertainty that occurred last spring during the coronavirus pandemic. Good News! Inventory Rises Slightly in May Inventory of existing family homes rose\u00a0for the first time since March 2020, albeit only a bit. Could this mean we’re finally at the start of a long march back toward a balanced market? Watch video \u25ba \u201cIn May, Florida\u2019s housing market continued to show strong year-over-year gains,\u201d says 2021 Florida Realtors President Cheryl Lambert, broker-owner with Only Way Realty Citrus in Inverness. \u201cOf course, in May 2020, Florida remained under lockdown and was feeling the effects of the pandemic. Median prices continue to rise: Part of the reason is that the state is experiencing a greater share of luxury sales in 2021 compared to a year ago, but overall home price appreciation is also a big factor pushing costs higher.\u201d Closed sales of single-family homes statewide in May totaled 30,985, up 57.9% year-over-year, while existing condo-townhouse sales totaled 15,491, up 155.2% over May 2020. Closed sales may occur from 30- to 90-plus days after sales contracts are written. The statewide median sales price for single-family existing homes was $344,900, up 27.7% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards\/associations. Last month\u2019s statewide median price for condo-townhouse units was $250,000, up 24.1% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less. May\u2019s housing data offered insight into market trends, according to Florida Realtors Chief Economist Dr. Brad O\u2019Connor. \u201cFlorida\u2019s inventory of existing single-family homes listed for resale increased slightly over the course of the month, rising from 31,618 as of the end of April up to 32,021 by May 31,\u201d he says. \u201cWhile that\u2019s only a little over a 1% increase, it\u2019s significant because this is the first time Florida\u2019s single-family inventory has increased during any month since March of 2020. It comes on the heels of only a very slight month-over-month statewide decline of just 40 single-family active listings (inventory) from March to April. So that\u2019s two consecutive months where the state\u2019s single-family inventory has been relatively stable. \u201cOf course, we are still down 58.2% compared to a year ago, so we are by no means out of the woods in terms of the housing shortage \u2013 but we can at least take this flattening inventory curve as a sign that we might finally be at the start of a long march back toward a balanced market. O\u2019Connor explains one reason the decline in single-family inventory appears to have stopped is that the number of existing homes being listed for sale each month generally continues to be in line with recent historical norms prior to the pandemic. \u201cDuring May, 34,298 single-family homes came onto the market, which is only 179 fewer new listings than in May of 2018, and just 212 more than May of 2019,\u201d he says. \u201cAt the same time, the number of single-family homes going under contract each month, which has been well above historical pre-pandemic norms since June of last year, has been slowly but surely trending back toward those norms in each successive month of 2021. \u201cThis reversion toward historical norms in the level of contract signings is a strong indicator that monthly counts of closed single-family home sales will also move back toward more normal levels, and this appears to have started in earnest in May.\u201d On the supply side of the market, inventory (active listings) remained tightly constrained in May. Single-family existing homes were at a very low 1.1-months\u2019 supply while condo-townhouse inventory was at a 2.0-months\u2019 supply. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.96% in May 2021, down from the 3.23% averaged during the same month a year earlier. To see the full statewide housing activity reports, go to the Florida Realtors\u2019 Newsroom and look under Latest Releases or download the May 2021 data report PDFs under Market Data on the site. \u00a9 2021 Florida Realtors\u00ae Go to Source Author: kerrys<\/p>\n","protected":false},"author":4,"featured_media":5238,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/5237"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=5237"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/5237\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/5238"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=5237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=5237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=5237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}