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Real Estate

Florida housing market improves in April

New listings and median price increase

The housing market in Florida improved in April in several areas including increased new listings, rising median prices, fewer days in a contract and fewer cash closed sales, according to data from Florida Realtors.

The total number of closed sales, on the other hand, still decreased by 0.6% to 24,144 due to lack of inventory.

"Still, low mortgage interest rates and a strong jobs outlook are positive trends for Florida's housing market," said Florida Realtors President Matey Veissi, broker and co-owner of Veissi & Associates in Miami. "We're also seeing a rising number of new listings added to the market, which is a trend that needs to continue as many areas still face a shortage of supply, particularly for single-family homes.”

New listings for existing single-family homes increased by 3.1% annually, Veissi said. Home prices also increased as a median number of sellers received 95.9% of their original asking price.

The median sales price in April was $213,000, an annual increase of 9.2%, according to Florida Realtors. This makes the 53rd month in a row that the median sales price in the state increased.

"The positive growth we're seeing in sales for homes priced above the $150,000 mark is being offset by a continuing decline of homes for sale in the most affordable price ranges," Florida Realtors Chief Economist Brad O'Connor said.

"This trend is due in part to the ongoing decline in listings and sales of distressed properties," O’Connor said. “In April, distressed sales accounted for less than 12% of all closed Multiple Listing Service sales in Florida, the lowest such percentage we've recorded since the initial stages of the downturn last decade."

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