ORLANDO, FL -- 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," said 2019 Florida Realtors President Eric Sain, a Realtor and district sales manager with Illustrated Properties in Palm Beach.
"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.
"Inventory levels – particularly among single-family homes for sale – continued to fall throughout the third quarter," said Florida Realtors Chief Economist Dr. Brad O'Connor. "But so did mortgage interest rates, which provided opportunities for both prospective and current homeowners. Many current owners locked into low mortgage rates from a few years back have been waiting for a chance to buy a bigger or better home at similar rates, and that's exactly what we saw happen throughout the summer. As a result, we saw an increase in new listings as well as closed sales across all price tiers above $200,000, with many first-time buyers getting a shot at those newly listed homes located at the more affordable end of the price spectrum."
In 3Q 2019, new pending sales for existing single-family homes rose 4.4% while pending inventory was up 1.7%. During the same three months, condo-townhouse new pending sales rose 0.5% while pending inventory increased 0.9%. Pending inventory is the number of listed properties that were under contract at the end of the month or data collection period.
Inventory was at a 3.6-months' supply in 3Q 2019 for single-family homes and at a 5.3-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 3.67% for 3Q 2019, significantly lower than the 4.57% average recorded during the same quarter a year earlier.