Florida's housing market reported higher median prices
Rising prices continue to put pressure on many homebuyers despite gains in the inventory of for-sale homes: Closed sales of single-family homes statewide totaled 59,505 in 1Q 2019, down 1.2% from the 1Q 2018 level.
The statewide median sales price for single-family existing homes in 1Q 2019 was $253,000, up 2% from the same time a year ago, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations.
The statewide median price for condo-townhouse properties during the quarter was $185,575, up 3.1% over the year-ago figure.
The median is the midpoint; half the homes sold for more, half for less.
Looking at Florida's condo-townhouse market, statewide closed sales totaled 25,060 during 1Q 2019, down 7.3% compared to 1Q 2018.
Closed sales typically occur 30 to 90 days after sales contracts are written.
In 1Q 2019, the median time to a contract (the midpoint of the number of days it took for a property to receive a sales contract during that time) was 51 days for single-family homes and 53 days for condo-townhouse properties.
Inventory was at a 4.2-months' supply in the first quarter for single-family homes and at a 6.3-months' supply for condo-townhouse properties, according to Florida Realtors.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.37 percent for 1Q 2019, up from the 4.27 percent average recorded during the same quarter a year earlier. ■