The Florida home market cooled a bit in April as existing single-family home sales fell 0.6% from the same month last year to 24,144 and condo and coop sales dropped 5.3% to 10,738.
The median sales price for single-family existing homes in April was $213,000, up 9.2% 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 April was $160,000, up 4.4% from the year-earlier figure. April marked the 53rd consecutive month with rising median prices.
"Still-low mortgage interest rates and a strong jobs outlook are positive trends for Florida's housing market," said 2016 Florida Realtors® President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. "We're also seeing a rising number of new listings added to the market, which is a trend that needs to continue as many areas still face a shortage of supply, particularly for single-family homes. New listings for existing single-family homes rose 3.1% compared to a year ago while new listings for townhouse-condo properties rose 3.7%."
Sellers of existing single-family homes in April received 95.9% (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.5%.
"The positive growth we're seeing in sales for homes priced above the $150,000 mark is being offset by a continuing decline of homes for sale in the most affordable price ranges," said Florida Realtors® Chief Economist Brad O'Connor. "This trend is due in part to the ongoing decline in listings and sales of distressed properties. In April, distressed sales accounted for less than 12% of all closed Multiple Listing Service (MLS) sales in Florida – the lowest such percentage we've recorded since the initial stages of the downturn last decade."
Inventory was at a 4.5-months' supply in April for single-family homes and at a 6.3-months' supply for townhouse-condo properties, according to Florida Realtors.