Colorful home in Old Naples, Florida
“Closed sales, pending sales, median prices and average prices rose in Florida’s housing market in November, while the inventory of homes and condos for sale shrunk, according to the latest housing data released by Florida REALTORS®.
“The sizzle is back,” said 2012 Florida REALTORS® President Summer Greene, describing the state of Florida’s real estate market. “With home sales strongly trending up and the supply of homes for sale drying up, the market is hot. And we expect these trends to continue into 2013 with the jobs market improving, low mortgage rates continuing and consumer confidence getting stronger.”
Read the full article from RISMedia.
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Fewer buyers are sitting on the sidelines. according to a RISMEDIA article on Monday, December 31, 2012
“Americans are feeling less discouraged about the housing market, according to a new national survey by FindLaw.com.”
“Because of low housing prices and mortgage rates, the percentage of people who say that the current economic situation now makes them more likely to buy a house has risen from eight percent to 11 percent.”
Read the full article.
From RISMEDIA, Thursday, December 27, 2012:
“October [home] prices nationwide, including distressed sales, increased on a year-over-year basis by 6.3 percent in October 2012, the biggest increase since June 2006 and the eighth consecutive increase in home prices nationally on a year-over-year basis, according to the latest data from CoreLogic.”
Including distressed sales, in October 2012, home prices declined .2% over September 2012. “The CoreLogic Pending HPI indicates that November 2012 home prices, including distressed sales, are expected to rise by 7.1 percent on a year-over-year basis from November 2011.”
Read the whole story here.
Florida Realtors(r) Media Release: Florida’s Housing Market Continues Upswing in November 2012
Map of Florida
ORLANDO, Fla., Dec. 20, 2012 – Closed sales, pending sales, median prices and average prices rose in Florida’s housing market in November, while the inventory of homes and condos for sale shrunk, according to the latest housing data released by Florida Realtors®.
“The sizzle is back,” said 2012 Florida Realtors President Summer Greene, describing the state of Florida’s real estate market. “With home sales strongly trending up and the supply of homes for sale drying up, the market is hot. And we expect these trends to continue into 2013 with the jobs market improving, low mortgage rates continuing and consumer confidence getting stronger.”
Statewide closed sales of existing single-family homes totaled 17,072 in November, up 24.4 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. Closed sales typically occur 30 to 90 days after sales contracts are written.
Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes last month rose 45.8 percent over the previous November. The statewide median sales price for single-family existing homes in November was $150,000, up 11.2 percent from a year ago.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in October 2012 was $178,700, up 10.9 percent from the previous year. In California, the statewide median sales price for single-family existing homes in October was $341,370; in Massachusetts, it was $287,000; in Maryland, it was $239,802; and in New York, it was $209,000.
The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Looking at Florida’s year-to-year comparison for sales of townhome-condos, a total of 8,079 units sold statewide last month, up 18.3 percent compared to November 2011. Meanwhile, pending sales for townhome-condos in November increased 30 percent compared to the year-ago figure. The statewide median for townhome-condo properties was $112,000, up 23.1 percent over the previous year. NAR reported that the national median existing condo price in October 2012 was $177,500.
The inventory for single-family homes stood at a 5.1-months’ supply in November; inventory for townhome-condo properties was at a 5.3 months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply symbolically represents a market balanced between buyers and sellers.
“Particularly striking in this market is the degree to which prices have risen,” said Florida Realtors Chief Economist Dr. John Tuccillo. “This might be expected to be the case for median prices as investors absorb the inventory at the lower end of the market, but average prices are up dramatically as well – and that suggests we’re seeing real appreciation occur in the marketplace, another sign of how solid Florida’s real estate recovery has become.”
The interest rate for a 30-year fixed-rate mortgage averaged 3.35 percent in November 2012, down from the 3.99 percent averaged during the same month a year earlier, according to Freddie Mac.
To see the full statewide housing activity report, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the November 2012 data report PDF under Market Data at: http://media.floridarealtors.org/market-data
Editor’s Note: Florida Realtors 2012 housing market data releases result from a statewide data reporting partnership between Florida Realtors Industry Data and Analysis department and new vendor partner 10K Research and Marketing. Housing sales data from the state’s local Realtor organizations is collected and organized with the goal of providing unique, localized market reports to the local Realtor boards and associations within Florida Realtors, enabling the groups and their Realtor members to serve as the definitive voice of real estate in their respective local markets. At the same time, Florida Realtors is providing comprehensive statewide housing market statistics – but this new data series only refers to statewide data and does not include metropolitan statistical areas (MSAs).
In an article by Pete Bakel for RISMedia, the writer says “Despite continued uncertainty surrounding the fiscal cliff, Americans are showing increased confidence in the housing market and the direction of the economy.” Fannie Mae believes this increased confidence in the housing market will bring about continued strength in the housing sector, and overall economic growth as a result.
Read Pete Bakel’s article for more results from Fannie Mae’s November 2012 National Housing Survey.
The number of improving housing markets was up by 76 to 201 according to recently released data. The number of states on the list increased from 38 to 44.
According to NAHB Chairman Barry Rutenberg, a home builder from Gainesville, Florida, housing and economic indicators have been steady or improving across the country for six months or more, a sign of the stability of the recovery.
Read the complete article here.
