Home Sales in Florida Rebound in August

September 24, 2012 (Chris Moore)

Monthly sales of existing single-family homes and condominiums gained traction in Florida during August following two consecutive months of declines according to the latest data from the Florida Realtors®.

An estimated total of 27,436 existing single-family homes and condos were sold in the Sunshine State in August. That was 8.9 percent higher than the 25,199 homes sold in July and 9.1 percent higher than the 25,140 homes sold in August 2011.

Existing single-family homes accounted for 18,669 of the total sales in August. That was 7.2 percent higher than the 17,420 homes sold in July and 10.8 percent higher than the 16,844 homes sold in August 2011.

The median sales price for an existing single-family home in Florida fell 0.7 percent to $147,000 from $148,000 in July but was still 5.8 percent higher than the median price of $139,000 in August of 2011.

The inventory of single-family homes for sale fell from 100,657 in July to 99,677 in August and was still drastically lower than at the same time last year when there were 147,162 single-family homes on the market, a decline of 32.3 percent.

There was a 5.3 months supply of homes available for sale, unchanged from the previous month, and down from an 8.9 months supplies in August of last year. On average, a single-family home in Florida took 60 days to sell in August, unchanged from July and down from 72 days a year ago.

John Tuccillo, Florida Realtors Chief Economist, stated, “Florida’s housing market is still reviving. Everything that should be going up is going up, and everything that should be going down is going down. After the six years of turmoil that we had, it’s good to see the trends strongly moving in the right direction. We’re hurting for inventory, but it’s possible that the improving conditions will lure more sellers into the market and mitigate the housing inventory crunch.”

Condominium sales accounted for 8,767 of the total sales in August, up 12.7 percent from 7,779 sales in July and 5.7 percent higher than the 8,296 units sold in August of 2011.

The median sales price for a condo in August was $102,980, which was 1.0 percent higher than the $102,000 median sales price in July and was 13.2 percent higher than the $91,000 median sales price for a condo in August of last year.

The number of condominiums and townhomes for sale was also significantly lower than last year with 50,588 units on the market compared to 78,973 in August of last year, a decline of 35.9 percent. In July there were 51,562 condos and townhomes listed for sale.

There was a 5.3 month’s supply of units on the market compared to a 5.4 months supply in July. A year ago there was an 8.7 months supply of condos and townhomes.

On average, condo’s in Florida took 62 days to sell in August, up from 60 days in July and down from 74 days in August of last year.

Tags: florida real estate, existing homes, condos, sales, median home prices, florida

Source:
Florida Realtors®