Sales of existing homes in Florida dipped 8 percent in June from the previous month as a still-shrinking inventory gave buyers fewer choices, but prices continued to climb statewide with a 1 percent hop from May and a 15 percent increase over last year.
The statewide report released this afternoon by the Florida Realtors put the median sales price of a single-family home in June at $175,000, up from $152,000 a year ago. The median price for a condominium was $130,000 in June, up 18 percent from 2012.
Not only are sellers getting higher prices for their homes, but they are moving more quickly. Homes stayed on the market in June for a median of 48 days, down 21 percent from last year.
Palm Beach County’s report was not immediately available. Technical issues involved in switching to a new listing service delayed both the state and local reports, which were scheduled to be released Monday.
A short supply of homes continued to plague the market in June. Statewide, there was just a five months’ supply of homes for sale. That’s a 31 percent drop from the same time last year.
Realtors hope rising prices will push more sellers into the market. The number of new listings last month increased nearly 11 percent from last year.
Bill Hall, director of business development for Lang Realty, predicted the dip in sales volume.
“That’s not indicative of the market not wanting product, it’s indicative of there being no product,” said Hall, whose firm has offices throughout Palm Beach County.
This entry was posted
on Tuesday, July 23rd, 2013 at 3:00 pm and is filed under Florida economy, Housing affordability, Housing boom.
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