Today we have a quick status update on Florida’s real estate market with real sales data from July 2020 as reported by the Florida Realtors Association. Join us for a quick discussion in this bonus episode.
In the month of July, Florida had more sales, higher median prices, more new pending sales, and more new listings year-over-year.
Single-family sales are up 11.7%; condo sales are up 6.5% – “the 1st year-over-year increase in this category since March,” says Florida Realtors Chief Economist Dr. Brad O’Connor.
So Florida’s housing market has continued its positive growth in July. Single-family existing homes sales rose almost 12% compared to July 2019, “the best monthly performance for this property type since January’s nearly 18% increase,” says Dr. O’Connor. Pending sales of single family homes are also way up, a 21.7% increase compared to last July.
Looking at the condo segment, July’s existing condo-townhouse closed sales are up year-over-year for July as well, and new pending sales condo or townhouse sales increased 19% compared to July 2019.
This continued growth is showing the amazing resilience of Florida’s real estate market and a great sign for anyone considering a move to Florida.
The median sales price for single family homes, townhouses, and condos all rose in July just as they have been for many many months even through this pandemic.
The statewide median sales price for a single family home was $295,000, that is an increase of 10% from last July, while the median price for the condo-townhouse category was $210,000, that’s an increase of 11.7% over last July.
You might also be wondering about mortgage rates: the interest rate for a 30-year fixed-rate mortgage averaged 3.02% in July 2020, that is down from the 3.77% average rate last July according to Freddie Mac.
If you have a question about Florida real estate you can reach us at email@example.com.
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