Florida's housing market reported
more closed sales, higher median prices and tightening inventory in
June, according to the latest housing data released by Florida Realtors®. Closed sales of existing single-family homes statewide totaled 27,729 last month, up 19.6 percent over June 2014.
"June marked the 43rd month in a row – more than 3½ years – that
median sales prices rose year-over-year for both single-family homes and
townhouse-condo properties," says 2015 Florida Realtors President
Andrew Barbar, a broker with Keller Williams Realty Services in Boca
Raton.
"Florida's housing market shows positive momentum with a rising
influx of people moving to the Sunshine State and a steadily improving
jobs outlook – in June, the state's unemployment rate was 5.5 percent.
Statewide, new listings for single-family homes in June rose 10 percent
year-over-year, while new townhouse-condo listings rose 5.2 percent.
"Meanwhile, June's new pending sales for single-family homes
increased 10.4 percent from a year ago; new pending sales for
townhouse-condo properties rose 2.7 percent."
The statewide median sales price for single-family existing homes
last month was $203,500, up 10 percent from the previous year, according
to data from Florida Realtors Industry Data and Analysis department in
partnership with local Realtor boards/associations. The statewide median
price for townhouse-condo properties in June was $152,076, up 7.9
percent over the year-ago figure. The median is the midpoint; half the
homes sold for more, half for less.
According to the National Association of Realtors (NAR), the national
median sales price for existing single-family homes in May 2015 was
$230,300, up 8.6 percent from the previous year; the national median
existing condo price was $216,400. In California, the statewide median
sales price for single-family existing homes in May was $485,830; in
Massachusetts, it was $341,000; in Maryland, it was $275,292; and in New
York, it was $226,500.
Looking at Florida's townhouse-condo market, statewide closed sales
rose last month with a total of 10,991, up 14.6 percent compared to June
2014. The closed sales data reflected fewer short sales in June: Short
sales for townhouse-condo properties declined 36.1 percent while short
sales for single-family homes dropped 30.4 percent. Closed sales
typically occur 30 to 90 days after sales contracts are written.
"With the continued growth in both sales and prices in Florida, it
raises the question of whether the market is starting to overheat," says
Florida Realtors Chief Economist Dr. John Tuccillo. "The decline in
inventories to seller-market levels, and the decline in days on market,
tend to suggest that possibility as well. But there are mitigating
factors here. First of all, the real inventory pressure is in the lowest
price tiers, which has been the case for several months. Secondly,
going forward, the rise in condo sales and prices will be mitigated by
increased supply in the form of condo towers now under construction.
"And finally, the Federal Reserve will soon be raising interest rates, which will have a dampening effect on demand."
Inventory continues to tighten, with a 4.6-months' supply in June for
single-family homes and a 5.5-months' supply for townhouse-condo
properties, according to Florida Realtors. Most analysts consider a
6-month supply of inventory as the benchmark for a balanced market
between buyers and sellers.
According to Freddie Mac, the interest rate for a 30-year fixed-rate
mortgage averaged 3.98 percent in June 2015, down from the 4.16 percent
average recorded during the same month a year earlier.
To see the full statewide housing activity reports, go to Florida Realtors' website under "Research." Association members (login required) also have access to local data specific to their market.
Reprinted courtesy of Florida Realtors. © 2015 Florida Realtors® Original post here: http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=325909
Showing posts with label florida housing market. Show all posts
Showing posts with label florida housing market. Show all posts
Thursday, July 23, 2015
Wednesday, June 10, 2015
Fannie Mae: ‘Things are looking up for housing’
Americans'
attitudes about the housing market are strengthening, according to
Fannie Mae's May 2015 National Housing Survey, a survey of about 1,000
consumers on their views about homeownership. The survey results echo
recent forecasts that predict a pickup in housing activity for the year.
In the latest survey, more consumers reported an increase in household income, nearing an all-time survey high. The growth in wages falls in line with the recent positive jobs reports that show an increase in average hourly earnings. The percentage of consumers surveyed by Fannie Mae who say their household income is "significantly higher" than 12 months ago grew six percentage points to 28 percent over the past two months.
"As job growth appears to be driving meaningful income growth, the outlook for housing market growth also is improving," according to Fannie Mae's report.
The share of consumers who say it's a good time to sell a home continues to rise, also reaching an all-time survey high in May at 49 percent of respondents – six percentage points higher year-to-year. In addition, the number of consumers who would prefer to buy rather than rent on their next move rose three percentage points in May to 66 percent.
"Things are looking up for housing," says Doug Duncan, senior vice president and chief economist at Fannie Mae, noting the survey high for those who say it's a good time to sell, as well as the growing percentage of consumers who say their household income is significantly higher than last year.
"We have found that these two indicators – good time to sell and income growth – are key drivers for the performance of the housing market," Duncan says. "The increase in these indicators suggests our forecast of moderate improvement in the housing market in 2015 is on course and mirrors the near-term performance of other leading market data, including mortgage applications and pending home sales."
The survey also found:
Repost courtesy of and © Copyright 2015 INFORMATION, INC. Bethesda, MD. Original post here: http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=324273
In the latest survey, more consumers reported an increase in household income, nearing an all-time survey high. The growth in wages falls in line with the recent positive jobs reports that show an increase in average hourly earnings. The percentage of consumers surveyed by Fannie Mae who say their household income is "significantly higher" than 12 months ago grew six percentage points to 28 percent over the past two months.
"As job growth appears to be driving meaningful income growth, the outlook for housing market growth also is improving," according to Fannie Mae's report.
The share of consumers who say it's a good time to sell a home continues to rise, also reaching an all-time survey high in May at 49 percent of respondents – six percentage points higher year-to-year. In addition, the number of consumers who would prefer to buy rather than rent on their next move rose three percentage points in May to 66 percent.
"Things are looking up for housing," says Doug Duncan, senior vice president and chief economist at Fannie Mae, noting the survey high for those who say it's a good time to sell, as well as the growing percentage of consumers who say their household income is significantly higher than last year.
"We have found that these two indicators – good time to sell and income growth – are key drivers for the performance of the housing market," Duncan says. "The increase in these indicators suggests our forecast of moderate improvement in the housing market in 2015 is on course and mirrors the near-term performance of other leading market data, including mortgage applications and pending home sales."
The survey also found:
- Consumers say they believe home prices will rise by 2.8 percent, on average, in the next 12 months.
- The number of respondents who believe mortgage rates will go up in the next 12 months dropped to 47 percent.
- Consumers say they believe rental prices will rise about 4.3 percent in the next 12 months.
- The percentage of respondents who believe it would be easy to get a home mortgage fell by 2 percentage points to 50 percent, while those who think it would be difficult remained at 46 percent.
Repost courtesy of and © Copyright 2015 INFORMATION, INC. Bethesda, MD. Original post here: http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=324273
Friday, April 16, 2010
Foreclosure Filings Jump in South Florida
Foreclosure filings jump in South Florida
Mounting job losses, “underwater” mortgages lead to more foreclosure filings in South Florida
By Paul Owers, Sun Sentinel, April 15, 2010
Foreclosure filings rose last month by 38 percent in Broward County as homeowners struggled with unemployment and "underwater" mortgages, RealtyTrac Inc. said Thursday.
Broward had 6,341 homeowners in some stage of foreclosure in March, up from 4,599 a year ago, according to the Irvine, Calif.-based company that tracks mortgage defaults nationwide. Broward had the eighth-highest foreclosure rate among Florida's 67 counties, with one in every 127 housing units receiving a filing.
Palm Beach County filings in March totaled 3,983, more than double the 1,509 in March 2009. The county had the state's 17th-highest foreclosure rate.
The problem isn't likely to improve soon, as job losses mount and home price declines add to the number of homeowners who owe more than their properties are worth.
"We're going to continue to have a dark cloud hanging over our real estate market for some time," said Greg McBride, senior financial analyst with Bankrate.com in North Palm Beach.
Initial foreclosure filings in both counties were down substantially compared with February, perhaps an early indication that a government-sponsored foreclosure-alternative program started recently is working, RealtyTrac said.
The plan is designed to remove barriers to so-called short sales and promote deeds in lieu of foreclosures, in which homeowners hand back their properties to the banks. The plan took effect April 5, but some lenders were using it earlier this year.
The program is sure to be popular with people who want to get out from under onerous mortgages. But it will drag down home prices, creating more underwater borrowers who may fall into foreclosure, Fort Lauderdale real estate lawyer Shari Olefson said.
"I don't know that this is the answer," she said.
RealtyTrac spokesman Daren Blomquist said it's important to speed up short sales because that will clear the inventory of available homes and ultimately help the housing market recover.
Meanwhile, South Florida remains one of the busiest areas in the nation for loan modifications. A Treasury report on the Making Home Affordable program showed that the Miami-Fort Lauderdale-Pompano Beach metropolitan area accounted for 4.7 percent of loan modification activity under the program.
But those efforts aren't likely to ease the foreclosure crisis, according to the Congressional Oversight Panel, a watchdog agency monitoring the federal government's bailout program.
RealtyTrac compiles default notices, scheduled foreclosure auctions and bank repossessions. Not all homeowners who get notices lose their properties.
Florida had the nation's fourth-highest foreclosure rate in March, with one in every 149 housing units receiving a filing, RealtyTrac said.
In December, the Florida Supreme Court ordered the creation of a statewide mediation program for homeowners and lenders before a property can be sold through foreclosure.
Broward's 17th Judicial Circuit Court has appointed the American Arbitration Association to administer its mediation program starting July 1. Program details for the 15th Judicial Circuit Court in Palm Beach County are not yet clear.
A bill in Florida's Legislature that would allow banks to foreclose without going before a judge appears to have died.
While the state's clogged foreclosure system needs an overhaul, the proposed bill was too radical, said Rod Petrey, president of the Collins Center for Public Policy. The nonprofit group provides mediation services for four state circuit courts.
"With someone's home, where their family is, we ought to move very slowly in taking that away," Petrey said.
Staff writer Harriet Johnson Brackey contributed to this report. Paul Owers can be reached at Powers@SunSentinel.com. Copyright © 2010, South Florida Sun-Sentinel. Provided courtesy of Florida Sun-Sentinel: http://www.sun-sentinel.com
Mounting job losses, “underwater” mortgages lead to more foreclosure filings in South Florida
By Paul Owers, Sun Sentinel, April 15, 2010
Foreclosure filings rose last month by 38 percent in Broward County as homeowners struggled with unemployment and "underwater" mortgages, RealtyTrac Inc. said Thursday.
Broward had 6,341 homeowners in some stage of foreclosure in March, up from 4,599 a year ago, according to the Irvine, Calif.-based company that tracks mortgage defaults nationwide. Broward had the eighth-highest foreclosure rate among Florida's 67 counties, with one in every 127 housing units receiving a filing.
Palm Beach County filings in March totaled 3,983, more than double the 1,509 in March 2009. The county had the state's 17th-highest foreclosure rate.
The problem isn't likely to improve soon, as job losses mount and home price declines add to the number of homeowners who owe more than their properties are worth.
"We're going to continue to have a dark cloud hanging over our real estate market for some time," said Greg McBride, senior financial analyst with Bankrate.com in North Palm Beach.
Initial foreclosure filings in both counties were down substantially compared with February, perhaps an early indication that a government-sponsored foreclosure-alternative program started recently is working, RealtyTrac said.
The plan is designed to remove barriers to so-called short sales and promote deeds in lieu of foreclosures, in which homeowners hand back their properties to the banks. The plan took effect April 5, but some lenders were using it earlier this year.
The program is sure to be popular with people who want to get out from under onerous mortgages. But it will drag down home prices, creating more underwater borrowers who may fall into foreclosure, Fort Lauderdale real estate lawyer Shari Olefson said.
"I don't know that this is the answer," she said.
RealtyTrac spokesman Daren Blomquist said it's important to speed up short sales because that will clear the inventory of available homes and ultimately help the housing market recover.
Meanwhile, South Florida remains one of the busiest areas in the nation for loan modifications. A Treasury report on the Making Home Affordable program showed that the Miami-Fort Lauderdale-Pompano Beach metropolitan area accounted for 4.7 percent of loan modification activity under the program.
But those efforts aren't likely to ease the foreclosure crisis, according to the Congressional Oversight Panel, a watchdog agency monitoring the federal government's bailout program.
RealtyTrac compiles default notices, scheduled foreclosure auctions and bank repossessions. Not all homeowners who get notices lose their properties.
Florida had the nation's fourth-highest foreclosure rate in March, with one in every 149 housing units receiving a filing, RealtyTrac said.
In December, the Florida Supreme Court ordered the creation of a statewide mediation program for homeowners and lenders before a property can be sold through foreclosure.
Broward's 17th Judicial Circuit Court has appointed the American Arbitration Association to administer its mediation program starting July 1. Program details for the 15th Judicial Circuit Court in Palm Beach County are not yet clear.
A bill in Florida's Legislature that would allow banks to foreclose without going before a judge appears to have died.
While the state's clogged foreclosure system needs an overhaul, the proposed bill was too radical, said Rod Petrey, president of the Collins Center for Public Policy. The nonprofit group provides mediation services for four state circuit courts.
"With someone's home, where their family is, we ought to move very slowly in taking that away," Petrey said.
Staff writer Harriet Johnson Brackey contributed to this report. Paul Owers can be reached at Powers@SunSentinel.com. Copyright © 2010, South Florida Sun-Sentinel. Provided courtesy of Florida Sun-Sentinel: http://www.sun-sentinel.com
Monday, November 24, 2008
Florida’s Existing Home, Condo Sales Rise in October 2008
Florida’s existing home, condo sales rise in October 2008
ORLANDO, Fla. – Nov. 24, 2008 – For the second month in a row, Florida’s existing home sales rose in October, with Florida Realtors® reporting a 15 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 5 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR).
A total of 10,443 existing homes sold statewide last month, up 15 percent over the 9,118 homes sold in October 2007, according to FAR. Florida Realtors also reported higher statewide existing home and existing condo sales in September compared to the year-ago levels.
Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in October; seven MSAs also showed gains in condo sales, marking the fourth consecutive month that a number of markets have noted higher sales activity.
Florida’s median sales price for existing homes last month was $169,700; a year ago, it was $222,200 for a 24 percent decrease. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in September 2008 was $190,600, down 8.6 percent from a year earlier, according to the National Association of Realtors (NAR). In California, the statewide median resales price was $316,480 in September; in Massachusetts, it was $295,000; in Maryland, it was $271,520; and in New York, it was $215,000.
Market conditions continue to range widely, according to the latest housing outlook from NAR. “A pattern of sharply higher sales in areas with large price declines is well established,” said NAR Chief Economist Lawrence Yun. “Affordability conditions have consistently been a major factor in driving sales. Historically during recessions, buyers have responded to incentives and it’s important for government to keep that in the forefront of housing stimulus decisions.”
In Florida’s year-to-year comparison for condos, 2,956 units sold statewide compared to 2,805 sold in October 2007 for a 5 percent increase. The statewide existing condo median sales price last month was $147,600; in October 2007 it was $192,300 for a 23 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $199,400 in September 2008.
Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.20 percent, down from the average rate of 6.38 percent in October 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s large to medium-size markets, the Miami MSA reported a total of 453 homes sold in October compared to 367 homes a year ago for a 23 percent increase. The existing home median sales price was $246,800; a year ago, it was $354,800 for a 30 percent decrease. In the year-to-year comparison for the existing condo market, a total of 439 units sold in the MSA last month, up 1 percent compared to 436 condos sold the previous October. The market’s existing condo median price was $197,400; a year ago, it was $268,300 for a 26 percent decrease.
Courtesy: FLORIDA ASSOCIATION OF REALTORS © 2008 http://www.floridarealtors.org/NewsAndEvents/n1-112408.cfm
ORLANDO, Fla. – Nov. 24, 2008 – For the second month in a row, Florida’s existing home sales rose in October, with Florida Realtors® reporting a 15 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 5 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR).A total of 10,443 existing homes sold statewide last month, up 15 percent over the 9,118 homes sold in October 2007, according to FAR. Florida Realtors also reported higher statewide existing home and existing condo sales in September compared to the year-ago levels.
Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in October; seven MSAs also showed gains in condo sales, marking the fourth consecutive month that a number of markets have noted higher sales activity.
Florida’s median sales price for existing homes last month was $169,700; a year ago, it was $222,200 for a 24 percent decrease. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in September 2008 was $190,600, down 8.6 percent from a year earlier, according to the National Association of Realtors (NAR). In California, the statewide median resales price was $316,480 in September; in Massachusetts, it was $295,000; in Maryland, it was $271,520; and in New York, it was $215,000.
Market conditions continue to range widely, according to the latest housing outlook from NAR. “A pattern of sharply higher sales in areas with large price declines is well established,” said NAR Chief Economist Lawrence Yun. “Affordability conditions have consistently been a major factor in driving sales. Historically during recessions, buyers have responded to incentives and it’s important for government to keep that in the forefront of housing stimulus decisions.”
In Florida’s year-to-year comparison for condos, 2,956 units sold statewide compared to 2,805 sold in October 2007 for a 5 percent increase. The statewide existing condo median sales price last month was $147,600; in October 2007 it was $192,300 for a 23 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $199,400 in September 2008.
Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.20 percent, down from the average rate of 6.38 percent in October 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s large to medium-size markets, the Miami MSA reported a total of 453 homes sold in October compared to 367 homes a year ago for a 23 percent increase. The existing home median sales price was $246,800; a year ago, it was $354,800 for a 30 percent decrease. In the year-to-year comparison for the existing condo market, a total of 439 units sold in the MSA last month, up 1 percent compared to 436 condos sold the previous October. The market’s existing condo median price was $197,400; a year ago, it was $268,300 for a 26 percent decrease.
Courtesy: FLORIDA ASSOCIATION OF REALTORS © 2008 http://www.floridarealtors.org/NewsAndEvents/n1-112408.cfm
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