July’s housing market activity in Florida revealed increased closings, higher median prices, more pending sales and diminishing inventory, Orlando-based Florida Realtors announced today, with single-family sales statewide outperforming those of July 2014 by 21.8 percent.
"Homebuyers and sellers are benefiting from the positive momentum of Florida's housing market," said 2015 Florida Realtors President Andrew Barbar, a broker with Keller Williams Realty Services in Boca Raton.
New pending sales for single-family homes rose 6.5 percent, while new townhouse-condo pending sales rose 3.8 percent. The statewide median sales price for single-family existing homes last month was $199,900, an 8.1 percent increase over July 2014. A six-month supply of inventory is considered to be the benchmark for a balanced market between buyers and sellers by most analysts.
"The Florida real estate market continues to boom along, fueled by job growth, immigration and fear of higher interest rates," Florida Realtors Chief Economist Dr. John Tuccillo said. "Tight inventories are beginning to get worrisome, even in price tiers where they had not been a problem. But we're not in any great danger of a runaway market because mortgages are still difficult to get for most households, keeping demand down."
Florida Realtors, formerly known as the Florida Association of Realtors, serves the Florida real estate industry, providing programs, services, continuing education, research and legislative representation to 140,000 members.