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 pending sales. Show all posts
Showing posts with label pending sales. Show all posts
Thursday, July 23, 2015
Friday, May 1, 2015
UNDER CONTRACT BUT SEEKING STRONG OFFERS
UNDER CONTRACT BUT ACCEPTING BACK-UP OFFERS!
Our contract provides the Buyer with first right of refusal to match any back-up offers. However, that match also requires the Buyer to waive their contingencies (selling existing property), so a Strong New Buyer still has a good chance of taking first position. Don't miss your chance!
730 NE 81st Street
Miami, FL 33138
MLS ID:
1,813sq ft of Living Area
6,240 sq ft Lot
6,240 sq ft Lot
Asking $529,000
Amazing Renovation & Peaceful Private Botanical Hideaway! Enjoy the charm and mystique of this 1934 Spanish-style home with all the modern conveniences you desire. 3/2, living room with fireplace, plus huge Florida room with beam ceilings overlooking your lush gardens through triple sliding doors. Beautifully refinished original oak floors, new cabinetry, marble counters & lighting throughout, stainless appliances, & frameless shower doors. Plus new impact windows, interior & sliding doors, paver driveway.
See the full MLS Listing Here:
Client Detail View (More Info, Smaller Photos)
http://southfloridamls.com/DotNet/Pub/EmailView.aspx?r=1161138502&s=FLL&t=FLL
Map View (Less Info, Larger Photos, and Map)
http://southfloridamls.com/DotNet/Pub/EmailView.aspx?r=648395135&s=FLL&t=FLL
Call Branon for More Information at 786-417-4910
Monday, October 13, 2008
Pending Homes Sales Up Strongly
Pending Home Sales Up Strongly
WASHINGTON, D.C. - Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.
Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. "It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”
The PHSI in the West surged 18.4 percent to 109.5 in August and remains 37.8 percent above a year ago. In the Northeast the index jumped 8.4 percent to 79.8 and is 2.0 percent higher than August 2007. The index in the Midwest rose 3.6 percent to 84.5 in August and is 6.6 percent above a year ago. In the South, the index increased 2.3 percent to 96.0 but is 2.1 percent below August 2007.
Yun notes the unusual timing of contract activity in August. “Home buyers in July were hampered by overly stringent lending criteria in the months before the government takeover of Fannie and Freddie,” he said. “August shows some unleashing of pent-up demand before the credit crisis accelerated in September.”
He cautioned that the sampling size for pending home sales is smaller than the track on existing-home sales, so there is more volatility in the forward-looking series. “We need to see just how much of this gain holds up,” Yun said.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said despite all the turmoil in world financial markets, home mortgages are available. “Mortgages have been harder to find, and availability and terms vary depending on credit score and location, but Realtors® can help buyers find reputable lenders while helping them navigate the transaction process,” he said. “The recently enacted economic stimulus package should help housing by gradually freeing the flow of credit.”
Yun now expects growth in the U.S. gross domestic product (GDP) to contract for two consecutive quarters, in the fourth quarter of this year and the first quarter of 2009, before expanding in latter part of 2009 as the housing market begins a steady improvement.
Looking at middle-ground assumptions, existing-home sales are forecast at 5.04 million this year and 5.41 million in 2009. Following national declines of 5 to 8 percent in 2008, home prices are projected to increase 2 to 3 percent next year.
New-home sales should total around 503,000 this year and 471,000 in 2009. Housing starts, including multifamily units, are likely to fall 28.2 percent to 973,000 units this year, and come in around 843,000 in 2009 as builders continue to clear the accumulation in inventory.
The 30-year fixed-rate mortgage will probably average 6.1 percent in the fourth quarter and rise gradually to 6.6 percent by the end of 2009. NAR’s housing affordability index is expected to average 18 percentage points higher this year than in 2007.
The unemployment rate is projected to average 6.4 percent in the fourth quarter and then average 6.6 percent in 2009. Inflation, as measured by the Consumer Price Index, is estimated at 4.0 percent for 2008 and 2.0 percent next year. Inflation-adjusted disposable personal income is forecast to grow 1.7 percent this year and 1.0 percent in 2009.
Reprinted from National Realty News:
http://nationalrealtynews.com/content/templates/standard.aspx?articleid=1278&zoneid=1
WASHINGTON, D.C. - Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.
Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. "It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”
The PHSI in the West surged 18.4 percent to 109.5 in August and remains 37.8 percent above a year ago. In the Northeast the index jumped 8.4 percent to 79.8 and is 2.0 percent higher than August 2007. The index in the Midwest rose 3.6 percent to 84.5 in August and is 6.6 percent above a year ago. In the South, the index increased 2.3 percent to 96.0 but is 2.1 percent below August 2007.
Yun notes the unusual timing of contract activity in August. “Home buyers in July were hampered by overly stringent lending criteria in the months before the government takeover of Fannie and Freddie,” he said. “August shows some unleashing of pent-up demand before the credit crisis accelerated in September.”
He cautioned that the sampling size for pending home sales is smaller than the track on existing-home sales, so there is more volatility in the forward-looking series. “We need to see just how much of this gain holds up,” Yun said.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said despite all the turmoil in world financial markets, home mortgages are available. “Mortgages have been harder to find, and availability and terms vary depending on credit score and location, but Realtors® can help buyers find reputable lenders while helping them navigate the transaction process,” he said. “The recently enacted economic stimulus package should help housing by gradually freeing the flow of credit.”
Yun now expects growth in the U.S. gross domestic product (GDP) to contract for two consecutive quarters, in the fourth quarter of this year and the first quarter of 2009, before expanding in latter part of 2009 as the housing market begins a steady improvement.
Looking at middle-ground assumptions, existing-home sales are forecast at 5.04 million this year and 5.41 million in 2009. Following national declines of 5 to 8 percent in 2008, home prices are projected to increase 2 to 3 percent next year.
New-home sales should total around 503,000 this year and 471,000 in 2009. Housing starts, including multifamily units, are likely to fall 28.2 percent to 973,000 units this year, and come in around 843,000 in 2009 as builders continue to clear the accumulation in inventory.
The 30-year fixed-rate mortgage will probably average 6.1 percent in the fourth quarter and rise gradually to 6.6 percent by the end of 2009. NAR’s housing affordability index is expected to average 18 percentage points higher this year than in 2007.
The unemployment rate is projected to average 6.4 percent in the fourth quarter and then average 6.6 percent in 2009. Inflation, as measured by the Consumer Price Index, is estimated at 4.0 percent for 2008 and 2.0 percent next year. Inflation-adjusted disposable personal income is forecast to grow 1.7 percent this year and 1.0 percent in 2009.
Reprinted from National Realty News:
http://nationalrealtynews.com/content/templates/standard.aspx?articleid=1278&zoneid=1
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