Florida's housing market reported rising median prices and more pending inventory in August compared to a year ago, according to the latest housing data released Thursday by Florida Realtors®.
Sales of single-family homes statewide totaled 27,107 last month, up 3.2% from August 2018.
Pending inventory is the number of listed properties that were under contract at the end of the month or data collection period.
"Florida's favorable jobs outlook, latest low unemployment rate of 3.3% (in July) and strong economy are positive trends for the state's housing market," said 2019 Florida Realtors President Eric Sain, a Realtor and district sales manager with Illustrated Properties in Palm Beach. "Meanwhile, low mortgage interest rates are continuing to spark home buyers' interest in entering the market.
In August, statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for the 92nd month in a row. The statewide median sales price for single-family existing homes was $265,000, up 4.2% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month's statewide median price for condo-townhouse units was $190,000, up 2.7% over the year-ago figure.
In Florida's condo-townhouse market in August, statewide closed sales totaled 10,062, down 2.9% compared to a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
"On a statewide basis, sales and price growth was pretty much in line with what we've seen throughout the year," said Florida Realtors Chief Economist Dr. Brad O'Connor. "There's no real relief in sight for the inventory shortage, either, so it looks like this downward trend is going to continue, as well. Interest rates remain a wild card. We're near record lows on the 30-year fixed mortgage rate, but there's no guarantee we're going to stay down here for any significant length of time."