In November, Florida’s housing market continued to see growth, let’s get right to the numbers.
Here’ s big one - Single-family existing home sales rose 22.9% compared to a year ago. This is a huge number, especially when you consider this does not account for all of the new construction homes being sold.
Condo and townhouse sales were also up an amazing 30.2% over November 2019.
The median sales prices for both segments was also up year-over-year in November making it 107 consecutive months that it’s risen.
The median sales price for single-family existing homes was $305,000, which is up 14.1% from last year,
Last month’s median price for condo-townhouse units was $228,000, which is up 16.9% from last November.
Florida Realtors Chief Economist Dr. Brad O’Connor noted that
“inventory levels – particularly for single-family homes – remain far below normal levels. As of the end of November, our statewide inventory of single-family homes was down 41.3% compared to a year ago. Even listings of properties north of a million dollars, where we’ve had more inventory, are down by almost 25%.”
Inventory hasn’t been as much of an issue in the condo/townhouse segment but it was still down 14.5% year-over-year at the end of November.
New listings statewide did increase year-over-year in both property type categories in November, by just 0.3% for single-family existing homes so just barely up and by 4.2% for condo and townhouse units.
On the supply side of the market, inventory remains tight, particularly in the single-family existing home category, which was at a very limited 2-months’ supply in November. Condo-townhouse inventory was at a 4.7-months’ supply.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.77% in November 2020, significantly lower than the 3.70% averaged during the same month a year earlier.
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