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Florida's housing market reported higher median prices

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Christian Fernsby |
Florida house market
America   Rising prices continue to put pressure on many homebuyers

Florida's housing market reported higher median prices and rising inventory during the first quarter of 2019, according to the latest housing data released by Florida Realtors.


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.


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