Florida’s housing market showed higher median prices, more cash sales and tight inventory levels in October compared to a year ago, according to Florida Realtors latest housing data.

“In 2020, Florida’s housing market had perhaps the best second half of any year in recent memory,” said Erica Plemmons, Florida Realtors economist and director of housing statistics. “Part of this was due to the shifting spring buying season: The onset of the COVID-19 pandemic pushed a lot of sales that would have occurred in spring, back into the late summer and fall. But other factors were at play as well, including record-low mortgage rates, changes in consumers’ housing preferences, and the demand pressure from continued movement of millennials into their prime home-buying years.”

The statewide median sales price for single-family existing homes in October was $358,950, up 17.7% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. 

Last month’s statewide median price for condo-townhouse units was $260,000, up 17.6% over October 2020.

However, closed sales of single-family homes statewide last month totaled 27,628, down 6.8% year-over-year, while existing condo-townhouse sales totaled 11,433, down 5.6% from October 2020. 

Closed sales may occur from 30- to 90-plus days after sales contracts are written.

While sales were down year-over-year, Plemmons explained that “if we compare this October’s home sales to two years ago, before the pandemic, they were up over 18%. Similarly, condo and townhouse sales, while down 5.6% year-over-year, were still up 23% compared to October 2019.”

In a continuing trend over the past few months, the share of closed sales that were cash purchases rose last month compared to the previous year. In October, single-family existing home sales paid in cash increased by 25.4% year-over-year, while cash sales of condo-townhouse units rose by 6.5%.

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