Florida real estate prices continue to climb steadily, reports the Florida Realtors Association. All while we face tighter and tighter inventory levels.
According to the Florida Realtor Association on July 2015 there was only around 4.5 months supply on single family homes, while town houses had a little bigger supply at 5.3 months. This information reiterates what we already know (we are in a seller's market) A balanced market would be considered at around a 6 month supply for buyers and sellers, on single family homes and town houses.
Freddie Mac reveals that interest rates for a 30-year fixed-rate mortgage averaged 4.05% in July 2015, representing a drop down from the 4.13% average recorded earlier on the previous year July 2014. Buyers are certainly taking advantage of these lower interest rates; it reflects on the number of closed sales Florida continues to experience.
Florida closed sales of existing single-family homes were up 21.8% over July 2014, totaling 26,916 in the month of July 2015. The raise on closed sales was not only noticed on single family homes, but on town homes as well that also showed double digit gains.
The raise on the booming Florida real estate market is not only for closed sales, but new pending sales also showed gains. New pending sales for single-family homes in July went up 6.5% year-over-year, while new townhouse-condo pending sales rose 3.8%.
The Florida Realtors Industry Data and Analysis Department in partnership with local Realtor Boards/Associations revealed that median sales price for single family existing homes on July 2015 was $199,900, that is an increase of 8.1% from the previous year; while town houses numbers for July was $150,000 which is up 9.1% over the previous year figures.
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