Median sales prices gains and inventory home for sale reduction in January reported by Florida’s housing market was according to Florida REALTORS®’s latest housing date.
2012 Florida REALTORS® President Summer Greene says, "We're seeing positive signs of a strengthening recovery in Florida's housing market,..In both the statewide single-family and condo-townhome markets, pending sales are higher and the statewide median sales price rose—up 5.3 percent to $129,000 for single-family homes and up 18.8 percent to $95,000 for condo-townhomes. Improving the availability of affordable financing to qualified buyers and investors would continue to stabilize Florida's housing market and economy."
Half of the homes sold for more, the other half sold for less – that is how the median becomes the midpoint. According to the housing industry analysts, the continuous downward distortion of the sales of foreclosure and other distressed properties are due to the selling of their homes at a discount relative to traditional homes.
The National Association of REALTORS® (NAR) reported that in December 2011, the national median sales price for existing single-family homes was $165,100, 2.5 percent below the preceding year. On the same month, the median sales price for single-family existing homes of the states of California and Maryland were $285,920 and $222,934 respectively.
In January, 12,044 was the total statewide sales of existing single-family homes, a 5.5 downward slope in contrast to the preceding year’s numbers, as reported by Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing.
Totaling to 5,963 units sold statewide last month, Florida's year-to-year comparison for sales of condos/townhomes declined to 22.6 percent compared to January 2011’s sold. In December 2011, NAR identified the national median existing condo price was $160,000.
Florida Realtors Chief Economist Dr. John Tuccillo addresses, "Even though closed sales are down from a year ago, there are two really bright spots in Florida's housing market… One is a significant increase in pending sales. In fact, pending sales have been up every month since May. The barrier that stands between pending sales and closings is the difficulty consumers are experiencing in obtaining financing."
Tuccillo then added, "The second positive is inventories, which are now at a point close to a balanced market." The single-family homes market and the condos/townhomes market’s month’s supply of inventory were both 6.4.
In January 2012, according to Freddie Mac, a 30-year fixed-rate mortgage’s interest rate averaged 3.92 percent, dropping from 4.76 percent average on the same month in the preceding year. Realtors' sales figures reveal closings which typically occur 30 to 90 days after sales contracts are written.
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