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Prices up, inventory tighter

ORLANDO, Fla. – June 22, 2015 – Tightening inventory continued to impact Florida’s housing market in May, according to the latest housing data released by Florida Realtors®. Realtors across the state reported rising median prices and fewer days on market for both existing single-family homes and for townhouse-condo properties. Closed sales of existing single-family homes statewide totaled 24,789 last month, up 7.7 percent over May 2014.

“The refrain we’re hearing from Realtors in many markets is there’s not enough for-sale inventory to meet the demand from buyers,” said 2015 Florida Realtors President Andrew Barbar, a broker with Keller Williams Realty Services in Boca Raton. “That’s putting upward pressure on prices and also leading to properties selling at a quicker pace. Single-family existing homes in May spent a median of 49 days on the market, down 9.3 percent from a year ago; median days on market for townhouse-condo properties was 52, down 5.5 percent from May 2014.

“Sellers currently have a great opportunity in Florida’s housing market: Sellers of single-family homes are seeing 94 percent of their asking price at the closing table and townhouse-condo sellers are receiving nearly 93 percent of their asking price.”

In May, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 42nd month in a row, Barbar noted.

The statewide median sales price for single-family existing homes last month was $200,000, up 11.1 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 May was $159,000, up 9.7 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 April 2015 was $221,200, up 10 percent from the previous year the national median existing condo price was $206,100.In California, the statewide median sales price for single-family existing homes in April was $481,880; in Massachusetts, it was $326,500; in Maryland, it was $253,959; and in New York, it was $221,000.

Looking at Florida’s townhouse-condo market, statewide closed sales remained essentially flat last month with a total of 10,549, down 0.1 percent compared to May 2014. The closed sales data reflected fewer short sales in May: Short sales for townhouse-condo properties declined 45.1 percent while short sales for single-family homes dropped 37.7 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.

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