“Over the past few months, our homes have become more important than ever,”. “Many buyers and sellers understandably hit the pause button in recent months due to the coronavirus, but record-low interest rates now are helping to fuel pent-up demand.
“As families have been navigating the challenges of working remotely, online classes and other daily activities all together under the same roof, many buyers are considering new must-haves when it comes to their homes. And Realtors in every community can help, with advice and knowledge on local market conditions.”
In June, the statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for 102 consecutive months. The statewide median sales price for single-family existing homes was $282,000, up 4.4% 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 $210,000, up 7.7% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
“Several factors are playing into this renewed dcemand for housing, but by far, the most important factors are record-low mortgage interest rates and the release of all the pent-up demand from our derailed spring buying season. We can’t expect this supercharged level of sales growth to last forever; at some point, we will burn through this pent-up demand. But interest rates are not expected to rise any time soon and they still have some room to go lower, so we have every reason to be optimistic about sales over the coming months, barring additional negative shocks to the economy.”
On the supply side of the market, inventory remains scarce and is an area of concern, particularly in the single-family existing home category, which was at a restricted 2.8 months’ supply in June, O’Connor noted. Condo-townhome inventory (active listings) was at a 5.7-months’ supply.
