Central Florida’s housing market: Median sales prices up in August 2016

Central Florida’s housing market reported more closed sales and higher median prices in August, according to the latest data released by Florida Realtors.

Local closed sales of existing single-family homes totaled 3,150 last month, up 5.5 percent from August 2015. Statewide, closed sales of single-family homes statewide totaled 25,070 last month, up 8.2 percent from August 2015.

“A continued lack of inventory – particularly in the mid-$200,000 and under range – is creating obstacles for many buyers who are trying to enter Florida’s housing market,” said 2016 Florida Realtors President Matey H. Veissi in a prepared statement.

Statewide inventory was at a 4.2-months’ supply in August for single-family homes and at a 5.8-months’ supply for townhouse-condo properties.

“Rising median prices also may be an inhibiting factor for these would-be homeowners; however, the uptick in prices could persuade sellers that now is the time to list their properties for sale, which in turn may help ease the tight supply in many areas,” said Veissi.

The median sales price for a single-family home in Central Florida was $229,000 in August, up 13.4 percent from the year-ago period, and higher than the statewide median price of $225,000.

For townhomes and condos, the local median sales price was $130,000 in August, up 13.3 percent from the same month last year, lower than the statewide median of $160,000. There were 854 condos and townhomes sold last month in the region, up 4.9 percent for the year-ago period; and 9,484 townhouse-condo sales closed statewide last month, up 3.3 percent compared to August 2015.
In August, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 57th month in a row.

The national median sales price for existing single-family homes in July 2016 was $246,000, up 5 percent from the previous year; the national median existing condo price was $228,400, according to the National Association of Realtors.

“Closed sales of single-family homes in Florida were up by 8.2 percent year-over-year in August, effectively erasing all of the losses from July,” said Florida Realtors Chief Economist Brad O’Connor in a prepared statement. “August’s gains were broad-based, with 20 of Florida’s 22 metro areas experiencing a year-over-year increase in sales. - Susan Lundine, Managing Editor, Orlando Business Journal