Florida Single Family Home Data

Florida Single Family Home Data

The  year over year data for the Florida single family home market in the month of April is in and the numbers are surprising to say the least. Let highlight some of the key numbers:

1. Closed sales: Close sales rose 5.8% year over year for the month of April going from 23,334 to 24,682.
2. Median sale price: Median sales prices rose 4.9% from $410,000 to $429,900 for the month of April.
3. Average sale price: Average sale price rose 9.2% from $576,226 to $629,011
4. Dollar volume: Dollar volume jumped 15.5% from $13.4 Billion to $15.5 Billion
5. Median time to contract: Time to contract slightly rose 4.1% from 73 days to 76 days
6. New listings: New listings skyrocketed from 52.9% from 58,528 to 89,487.
7. Pending Inventory: Pending sales were down 7.3% from 40,720 to 37,743.
8. Month supply of Inventory: Housing supply mooned 61.5% from 2.6 months supply to 4.2 months.

The big take away for me is Closed sales, median/average sales price, and dollar volume are up at the same time where New listing and Month supply are way up. Pending inventory is down and time to contract is up. It appears the higher mortgage rates are putting pressure on Supply and time to sale but are not bringing prices down. This is good and bad news for homebuyers. One, they have more options to look through with the market officially shifting to a buyers market from a sellers market but on the other hand prices are still on the rise along with cost of living, insurance, and taxes making it very unaffordable for new home buyers. At some point if supply continues higher and the time to contract increases we are likely to see some downward pressure on housing prices as more sellers will be forced to cut prices to remain competitive with other sellers. Higher interest rates appear to be taking effect but have yet to chip away at prices which remain sticky and continue to rise. Only time will tell.

Source:Sunstats.floridarealtors.org

Credit: Florida Realtors