Home Sales up again in October

Posted by on Monday, November 30th, 2015 at 5:47am

Statewide closed sales of existing single-family homes rose last month with a total of

22,147, an increase of 1.2 percent over October 2014.

Statewide, October marked the 47th consecutive month in a row that the median sales

increased year-over-year for both single-family homes and townhouse-condo properties.

The statewide median sales price for single-family existing homes last month was $198,995, up 12.4 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations.

The statewide median price for townhouse-condo properties in August was $150,000, up 7.2 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Looking at Florida’s townhouse-condo market, statewide closed sales last month totaled 9,294, down 0.9 percent compared to October 2014.

The closed sales data reflected fewer short sales in October: Short sales for townhouse-condo properties declined 47.7 percent while short sales for single-family homes dropped 33.1 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.

Dr. John Tuccillo

“The Florida real estate market is catching its breath after a frantic summer and early fall,” said Florida Realtors Chief Economist Dr. John Tuccillo.

“One month’s numbers do not make a trend, but the October numbers are signaling a return toward a more balanced market.”

Inventory remains constrained, with a 4.4-months’ supply in October for single-family homes and a 5.3-months’ supply for townhouse-condo properties, according to Florida Realtors.

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