Price action hit a wall in the South Florida residential market. Today we will look at the median sale prices of single-family homes and condos in Miami, Fort Lauderdale, Boca Raton and surrounding areas. existing home sales on a national level look like they are exhausted as well. South Florida was ground zero during the last housing crash.
Nationally, Total existing-home sales, including single family homes and condos, decreased 1.8 percent to a seasonally adjusted annual rate of 5.180 million in the fourth quarter, down from 5.273 million in the third quarter, according to NAR. That number is 7.4 percent lower than the 5.593 million-pace during the fourth quarter of 2017.
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Although the Brown Harris Stevens report noted that condo sales rose 8 percent in the third quarter from a year ago, it also showed that the average sales price dropped 15 percent.
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Florida’s Existing-Home Sales Slows Down Disruptions in the mortgage market and tightening credit continued to impact Florida’s housing sector in the fourth quarter. Statewide, sales of existing single-family homes totaled 9,165 last month, while 12,846 homes sold in October 2006 for a decrease of 29 percent in the year-to-year comparison.
Existing sales in the Midwest rose 6.0 percent from the third quarter and were up 2.3 percent from a year earlier. The median existing single-family home price was $193,800, a 7.2 percent change.
Fifteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the first quarter compared to the same three-month-period a year earlier, while 12 MSAs showed gains in condo sales. The statewide existing-home median sales price was $141,000 in the first quarter; a year earlier, it was $202,300 for a decrease of 30 percent.
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The median price of a condo/cooperative. fourth quarter from 4.66 million in the third quarter, and were 12.1 percent above the 4.37 million pace during the fourth quarter of 2011. The last time.
As senior population rises in Florida, lots more new housing is on the way for them. Florida is a national leader in drawing senior citizens from other states as permanent residents.
Condominium and single-home sales were up in South Florida’s major urban centers in the third quarter, with Miami seeing a nearly 50 percent increase.
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Florida’s existing home sales rose 13% in February with existing condo sales soaring 29% compared to year earlier, according to housing data released by Florida Realtors. More than 13,700 homes.
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