ORLANDO, Fla., Sept. 21, 2022 /PRNewswire/ — The Florida housing market reported higher inventory (active listings) and higher median prices in August 2022 compared to a year ago, according to the latest data. about Florida Realtors® housing. However, rising mortgage interest rates, inflation and other economic factors continue to impact sales.
“We are seeing signs that the Florida housing market is changing as inventory for sale continued to rise in August,” said Christina Pappas, president of Florida Realtors 2022, vice president of the Keyes Family of Companies in Miami. “Much-needed gains in active inventory will hopefully ease the pressure of rising home prices for buyers. state for existing single-family homes in August was 16 days compared to nine days in the same month a year ago. The median time to contract for existing townhouse-condominium units was 17 days, compared to 15 in August 2021.
“Buying or selling a home is a big decision. Consumers can turn to a real estate agent to help them understand local market conditions.”
Last month, closed sales of single-family homes statewide totaled 24,877, down 15.8% year-over-year, while sales of condo-existing townhouses totaled 10 000, down 20.3% from August 2021, according to data from the Florida Realtors Research Department in partnership with Local Realtors Councils/Associations. Closed sales can take place 30 to more than 90 days after the drafting of the sales contracts.
As inventories rise, Florida Realtors chief economist Dr. Brad O’Connor pointed out that the rate of growth “has slowed significantly.”
He said: “As of August, there were nearly 64,000 single-family homes actively listed on Florida’s Multiple Listing Services (MLS), up 70.4% from a year ago and 137 % up from six months ago at the end of February. But the number of active listings is still nearly 26% lower than it was three years ago, before the pandemic. , the growth rate of single-family home inventory slowed significantly in August, rising only 4% from the previous month.In contrast, month-over-month inventories were up 33% in June and 17% in July.
One of the reasons for the decline in inventory growth is the drop in new listings, he explained.
“In August, new single-family home listings were down 3% from a year ago, when they were up more than 3% in July,” O’Connor said. “New listings of condominiums and townhouses fell 10.6% in August. This trend should continue for the time being, as some owners are reluctant to register in this uncertain economic environment.”
Last month, the median selling price of existing single-family homes statewide was $407,000, up 15% from a year earlier. Last month’s statewide median price for condominium apartments was $305,000, up 20.8% from a year earlier. The median is the midpoint; half of the houses sold more expensive, the other half cheaper.
On the supply side of the market, the upward trend in inventory (active listings) continued, increasing year over year in August. The supply of existing single-family homes increased to 2.4 months, while existing condominium and townhouse properties are at 2.2 months.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 5.22% in August 2022, significantly higher than the average of 2.84% in the same month a year earlier. .
To see the full statewide housing activity reports, go to the Florida Realtors Newsroom at http://floridarealtors.org/newsroom and look under Latest versions or download PDFs of the August 2022 data report under Market Data at: http://floridarealtors.org/newsroom/market-data.
Florida Realtors® is the voice of real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its more than 225,000 members in 51 councils/associations. The Florida Realtors® Newsroom website is available at http://floridarealtors.org/newsroom.
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