The latest housing data from Florida Realtors shows that the housing market in the state continues to improve, with more closed sales, higher median prices and more new listings in June compared to a year ago.
“Coming out of a record spring home-buying season, the state’s housing market continued its strong gains in June,” said 2021 Florida Realtors President Cheryl Lambert, broker-owner with Only Way Realty Citrus in Inverness. “Of course, the impact of the pandemic last June is still a factor to consider when looking at the comparison data. In a positive sign, new listings for single-family existing homes in June rose 21.6% year-over-year, while new listings for condos-townhouse properties increased 10%.”
However, Lambert pointed out that while Florida Realtors’ data shows that new listings have remained at fairly typical numbers even throughout most of the pandemic, it hasn’t been at the levels needed to keep up with greater buyer demand.
Closed sales of single-family homes statewide in June totaled 34,165, up 23.6% year-over-year, while existing condo-townhouse sales totaled 16,155, up 79.6% over June 2020. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
Florida Realtors Chief Economist Dr. Brad O’Connor pointed out that recent data trends indicate the ratio of buyers to sellers may finally be easing a bit. As a result, “Florida’s red-hot rate of home price growth” could begin to cool down somewhat in the coming months, although that will also depend on whether interest rates start to trend higher again, as well. For now, though, the numbers continue to astound,” he said.
Another trend to consider, Dr. O’Connor added, is that over the past few months, the share of closed sales that are all-cash purchases has been on the rise compared to recent norms.