Real
Estate in Florida recovery continues positive momentum
According to the report made by Florida realtors, the
state’s real estate market continues its popularity in so many ways. There is an increase in the median prices,
possible decrease in inventory and waiting sales were recorded last June. Even
though there are some buyers who have some problems with regards in securing
their money. Economists believed that this recovery is somewhat a positive way
to make it better. These are signs that reflect the economic recovery and the
demand for employment in the state. In contrast the fixed-rate mortgages
remains at ease and still continue to gain interest from new buyers and
investors.
It shows in the latest housing data by Florida Realtors,
there is an increased pending sales, an increased in closed sales and rapid
growth in median prices and a depletion in inventory of home that are for sale
for in Florida’s housing market by the month of June.
It is stated by Florida Realtors President Summer Greene,
and also a regional manager of Better Homes and Gardens Real Estate Florida in
Fort Lauderdale that Florida’s housing tries to recover its positive momentum.
In addition to his statement, Signs usually points to solid gains shows a
positive outcome for the state’s economy. During the month of June, a report
says that there are pending sales reaching 31 percent for the existing
single-family homes and also 23 percent for town house-condo units when
compared last year. There is a trend that shoes most of the buyers wants to
purchase their dream home in Florida however there are problems with regards to
their financing options and credit standards.
Contracts that are being signed but is unfinished or not yet
closed are referred as pending sales; usually closed sales starts at 30 to 90
days after the sales contracts are written.
The single-family homes national median sales price over all
total is 18,800 in the month of June, there is a 5.3 percent difference
compared to last year said by Florida Realtors industry Data and Analysis
department and vendor partner 10K Research and Marketing. The price for
single-family existing homes last month reached $151,000 and continues to increase
by 8.2 percent from June 2011 statewide.
(NAR) National
Association of realtors states the national median sales for single-family
homes last May 2012 was $182, 900 and continues to reach up to 7.7 percent from
last year. While in California it was $312, 110 statewide median sales price
for single-family. Also in Maryland it was believed that the price is reached
up to $259, 207; However in New York it was reported up to $208, 000.
Median is called the midpoint; wherein there is a 50/50
distribution of sales; half the homes were sold in higher prices while the
other half are less. Distressed properties were affected by the sales
foreclosures because in general that can sell at a discounted price compares to
traditional homes.
A total of 9, 202 are sold last month, up to 1.5 percent
from those sold in Jujne 2011 statewide in Florida’s annual comparison for
sales of tonwhomes/comdos. Last year the state wide median for townhome-condo
properties was $110,000 to 15.8 percent. It was also reported by NAR that
national median existing condo price last May 2012 was $180,000.
Reported by Florida Realtors, last month’s result of
inventory at six-month’s supply for single-family homes and town-home condo
reached 5.9-month’s supply.
It is said by Dr. John Tuccillo, Florida Realtors Chief
Economists that the trend they have established still continues since last
year. By the month of June there will be an improvement in every housing
market. Closed sales, pending sales, median prices, average prices and ratio
sales are up. However the lsiting are down so as the days on market and what is
important are the inventories. He says that they have reached a six months’
supply of inventory for single-family homes and 5.9 months’ supply for
townhouse-condos.
In addition to this he also stated that there will be an
improvement towards employment in the state, and hopefully this will continue
in the future.
According to Freddie Marc, interest rates for fixed rate
mortgage in 30 year averaged 3.68 percent in June 2012, and lower than 4.51
percent average in the same month a year earlier.
Full statewide housing activity report can be seen on this
link: http://media.floridarealtors.org/
and look under Latest Releases, or download the June 2012 data report PDF under
Market Data at: http://media.floridarealtors.org/market-data
A data released by Florida Realtors 2012 marks a partnership
between Florida Realtors Industry Data and Analysis department and new vendor
partner 10K Research and Marketing. Datas from housing sales from state’s local
realtor organizations are being collected and organized with its goal in
providing one of a kind, localized market reports to local frealtor boards and
other associations within Florida Realtors. It can give the ability to serve as
the definitive voice of real estate by groups and their Realtor members. Florida
realtors also provide comprehensive statewide housing market statistics-
however some new data metropolitan statistical areas (MSAs) are not included.
The Florida Realtors or also known as the Florida
Association of Realtors is the voice for real estate Florida. They give
programs, continuing education, services, research and also act as legislatives
to its members that have a number of 115,000 in 63 boards/assocations. Their
website is link: http://media.floridarealtors.org.