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Posted: October 21, 2021 at 11:05 a.m. EDT|Update: 1 hour ago

ORLANDO, Florida, October 21, 2021 / PRNewswire / – The Florida real estate market reported higher median prices, increased cash sales and limited inventory levels in September compared to a year ago, according to the latest real estate data from Florida Realtors® .

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“Data for September shows that while median prices are well above their year-ago levels for single-family properties and townhouses, the rate of price growth from month to month is other has slowed down considerably in recent months, “said 2021 Florida Realtors president Cheryl Lambert, broker-owner with Only Way Realty Citrus at Inverness. “Of course, demand and the lack of inventory continue to put increasing pressure on home prices. If mortgage rates start to rise further in the next few months, as many analysts predict, it could dampen demand. intense that we observe. “

The state-wide median selling price of existing single-family homes in September was $ 355,000, up 18.3% from the previous year, according to data from the Florida Realtors Research Department in partnership with local real estate boards / associations. Last month, the statewide median price for townhouse condo units was $ 255,000, up 17.2% from September 2020. The median is the midpoint; half of homes sold for more, half for less.

Closed sales of single-family homes statewide last month totaled 28,302, down 1.3% year-over-year, while sales of existing townhouse condominiums totaled 11,845 , up 4.9% compared to September 2020. Closed sales can take place 30 to 90 days or more after the sales contracts are written.

Florida Realtors Chief Economist Dr. Brad o’connor said: “However, a year ago, in September, we were in the midst of a huge increase in sales resulting, in part, from the pandemic of transactions that would otherwise have occurred in the spring, at the end of the summer and fall. If we compare the sales figures for September with those of two years ago from September 2019, closed sales of single-family homes increased by more than 20%, and closed sales of condos and townhouses increased by 31.5%. And so, compared to pre-pandemic levels, the Florida the home resale market continues to behave exceptionally well. “

In a continuing trend, the share of completed sales that were all-cash purchases increased last month compared to the previous year. In September, sales of existing single-family homes paid for in cash increased 38.5% year over year, while cash sales of townhouse condominiums increased 22.9%.

On the supply side of the market, new listings and inventory (active listings) remained limited last month, O’Connor said.

New listings of single-family homes rose only 2.2% year-on-year in September, the smallest increase since February 2021He noted. “New listings for condos and townhomes, meanwhile, fell year over year for the first time since January, down 7.3%. This slowdown in new listings relative to the pace of sales has resulted in our inventory levels stagnating. While it is good news that stocks are not falling again, this scenario is not totally ruled out in the coming months. In the longer term, the only way to overcome this shortage is to build more new homes. “

Existing single-family homes remained at a very low 1.3-month supply in September, while condominium and townhouse inventory was at 1.7 months supply.

According to Freddie Mac, the interest rate on a 30-year fixed-rate mortgage was on average 2.90% in September 2021, a slight increase from the 2.89% average in the same month a year earlier.

To view the full reports on statewide housing activity, visit Florida Realtors Newsroom and look under Latest versions or download the September 2021 PDF data reports under Market data on the site.

Florida Real Estate Agents® is the voice of real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its more than 200,000 members in 51 boards / associations. Florida Real Estate Agents® The press room is available on http://floridarealtors.org/newsroom.

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SOURCE Florida real estate agents

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