Florida's housing market reported rising median prices

Dated: July 24 2018

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Orlando, Fla. – July 23, 2018 – Florida's housing market reported rising median prices, fewer days to contract and a continuing tight supply of inventory in June, according to the latest housing data released by Florida Realtors®.

"Florida is still experiencing a shortfall in for-sale homes in many local housing markets and that continues to put upward pressure on median prices," says 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. "And in June, home sellers received more of their original asking price at the closing table. Sellers of existing single-family homes received 96.9 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 95.2 percent (median percentage).

"Buyer demand remains high as well. It took fewer days for a home or condo sale to go to contract in June compared to a year ago: 34 days for single-family homes, down 10.5 percent from June 2017; and 44 days for townhouse-condo properties, down 15.4 percent."

Sales of single-family homes statewide totaled 27,836 last month, down 1.3 percent compared to June 2017. Meanwhile, the statewide median sales price for single-family existing homes was $260,000, up 6.1 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in June was $190,000, up 7.5 percent over the year-ago figure.

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Kristi & TJ Ramella

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