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Home Sales, Prices Trending Upward in Florida Throughout October
Friday, November 23rd, 2012
|Rising home prices haven't hindered home sales, as a new report from Florida Realtors reveals pending and closed sales posted significant gains in October.
Prospective buyers of homes for sale in Florida may be looking for a deal, but a lower inventory of foreclosures and short sales has helped the market stabilize. Rising home prices haven't hindered home sales, as a new report from Florida Realtors reveals pending and closed sales posted significant gains in October.
The amount of pending sales of existing single-family homes in the month of October increased 56.7 percent when compared to this time a year ago. Data from the organization shows the median sales price was notably lower, but $145,000 is 9 percent higher than it was in October last year.
Pending home sales for townhomes and condos moved up 47.1 percent, while the median sales price was also up from the previous year. While the national median price was $181,000, as reported by the National Association of Realtors, the median in Florida was just $107,000 - as this type of property remains highly affordable for buyers. NAR data shows the national median sales price for existing-single family homes in September was $184,300, an 11 percent increase from the year before.
Closed sales, those that were completed before the end of the month inched forward 25.3 percent from 12 months ago, totaling 17,779. While the fall and winter are historically slower seasons for activity, high affordability paired with higher consumer confidence have likely contributed to more interest in homeownership. Those looking to become a homeowner before the end of the year to collect tax benefits may also be contacting real estate agents throughout November and December.
Increased sales have helped prices and reduced the inventory of existing home sales, which some economists say could prevent some potential buyers from beginning their home search. However, improving prices have also prompted many current homeowners to list their properties for sale with confidence.
"Once again, everything that should be going up in the market is going up, and everything that should be going down is going down," said Dr. John Tuccillo, the chief economist for Florida Realtors. "As impressive as the year-over-year gains for October are, far more impressive are year-to-date gains of 2012 over 2011. They indicate the depth and resilience of this recovery."
Housing market factors will likely continue to show positive improvements throughout the economic recovery, which economists say could take until the end of 2013 for levels to return to those reported before the industry slump.
Real estate is local. For those looking at homes, knowing Florida's real estate market helps them know that buying a home in the Sunshine State is a great move. GL Homes understands Florida real estate and can help people target the best Florida homes for sale.