Monday, November 18, 2019 / by Burt Horwitz
Florida's Housing Market Shows Positive Trends in 3Q
Sales, prices and pending inventory rose statewide year-over-year. Single-family sales up 8.1%, median price up 3.9%; condo sales up 2.2%, median price up 4.1%.
Florida’s housing market experienced positive trends in 3Q 2019, with more closed sales, higher median prices, more pending sales and rising pending inventory, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 78,759 in 3Q 2019, up 8.1% from the 3Q 2018 level.
“Median sales prices for both existing single-family homes and for condo-townhouse properties rose in Florida during the third quarter – continuing the ongoing trend,” says 2019 Florida Realtors President Eric Sain.
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“Florida’s business-friendly outlook continues to attract investment and growth, as well as new residents, which provide a strong foundation for the state’s housing market. The latest report from the state’s economists show that Florida’s annual private-sector job growth rate of 2.8% continues to outpace the national job growth rate of 1.6%. Job growth, an unemployment rate of 3.2% in September and a growing population continue to keep Florida’s economy strong.”
The statewide median sales price for existing single-family homes in 3Q 2019 was $265,000, up 3.9% 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 $190,000, up 4.1% 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 29,539 during 3Q 2019, up 2.2% compared to a year ago. Closed sales typically occur 30 to 90 days after sales contracts are written.