Fla.’s housing market: Median prices, inventory up in Dec.

ORLANDO, Fla. – Jan. 22, 2019 – Florida's housing market reported higher median prices and increased inventory (active listings) in December compared to a year ago, according to the latest housing data released by Florida Realtors®. However, buyer uncertainty from rising mortgage rates and the federal government's shutdown may have impacted home sales, which were lower than the level of sales a year ago. Sales of single-family homes statewide totaled 20,633 last month, down 9.9 percent compared to December 2017.

"Florida's housing sector is continuing to show signs that inventory levels are finally easing in many local markets after being constrained for a long time," says 2019 Florida Realtors President Eric Sain, =""> statewide median price for condo-townhouse units was $185,000, up 2.8 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors (NAR), the national median sales price for existing single-family homes in November 2018 was $260,500, up 5 percent from the previous year; the national median existing condo price was $554,760; in Massachusetts, it was $395,000; in Colorado, it was $375,000; and in New York, it was $275,000.

Looking at Florida's condo-townhouse market in December, statewide closed sales totaled 8,156, down 11.4 percent compared to a year ago. Closed sales data continued to show fewer short sales and foreclosures in November: Short sales for condo-townhouse properties declined 39.7 percent and foreclosures fell 33.7 percent year-to-year; while short sales for single-family homes dropped 49.8 percent and foreclosures fell 26.8 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

"Notably, this year-over-year decline in sales for December was felt across the nation, not just in Florida, which is evidence that interest rates played at least some role in dampening the number of closings," says Florida Realtors Chief Economist Dr. Brad O'Connor. "Thirty-year fixed mortgage rates began to ramp up in September and had reached a multi-year high of close to 5 percent by mid-October, which is typically when financed sales closing in December go under contract."

Interest rates likely will continue to play a role in determining the direction of Florida's housing markets going forward, O'Conner adds. "Homebuyers considering sitting on the fence until prices come down might want to take note that we're also likely to see significantly higher mortgage rates by that point. While there has been a slight softening in the pace of home price growth since mid-2018, there are currently no signs that Florida home values will experience any wholesale declines over the next year."

Potential homebuyers should also note that Florida's active listings – or inventory levels of for-sale homes – have been trending up across the state, according to O'Connor.

"Statewide, active listings of existing single-family homes have been on the rise since July, which has helped contribute to the softening of price growth, and they continued to climb in December," he says. "At year's end, inventory was up over 13 percent compared to the end of 2017. Importantly, inventory levels are now rising across most of the pricing spectrum, including in some of the more affordable ranges."

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.64 percent in December 2018, up from the 3.95 percent averaged during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Research & Statistics section on floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors' website.

© 2019 Florida Realtors®

NAR: U.S. home sales down 6.4% in Dec.

WASHINGTON – Jan. 22, 2019 – After two consecutive months of increases, existing-home sales declined in the month of December, according to the National Association of Realtors®(NAR). None of the four major U.S. regions saw a gain in sales activity last month.

Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 6.4 percent from November to a seasonally adjusted rate of 4.99 million in December. Sales are now down 10.3 percent from a year ago (5.56 million in December 2017).

Lawrence Yun, NAR's chief economist, says current housing numbers are partly a result of higher interest rates.

"The housing market is obviously very sensitive to mortgage rates," Yun says. "Softer sales in December reflected consumer search processes and contract signing activity in previous months when mortgage rates were higher than today. Now, with mortgage rates lower, some revival in home sales is expected going into spring."

The median existing-home price for all housing types in December was $253,600, up 2.9 percent from December 2017 ($246,500). December's price increase marks the 82nd straight month of year-over-year gains.

Total housing inventory at the end of December decreased to 1.55 million, down from 1.74 million existing homes available for sale in November, but that's a year-to-year inventor increase from 1.46 million.

Unsold inventory is at a 3.7-month supply at the current sales pace, down from 3.9 last month and up from 3.2 months a year ago.

Homes also stayed on the market a bit longer before securing a contract. They typically stayed on the market for 46 days in December, up from 42 days in November and 40 days a year ago. However, 39 percent of homes sold in December were on the market for less than a month.

"Several consecutive months of rising inventory is a positive development for consumers and could lead to slower home price appreciation," says Yun. "But there is still a lack of adequate inventory on the lower-priced points and too many in upper-priced points."

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.64 percent in December from 4.87 percent in November. The average commitment rate for all of 2017 was 3.99 percent.

"The partial shutdown of the federal government has not had a significant effect on December closings, but the uncertainty of a shutdown has the potential to harm the market," says NAR President John Smaby. "Once the government is fully reopened, I am hopeful that housing transactions will increase."

First-time buyers were responsible for 32 percent of sales in December, down from November (33 percent), but the same year-to-year.

All-cash sales accounted for 22 percent of transactions in December, up from November and a year ago (21 and 20 percent, respectively). Individual investors, who account for many cash sales, purchased 13 percent of homes in December, which is unchanged from November but down year-to-year (16 percent).

Distressed sales – foreclosures and short sales – represented 2 percent of sales in December, unchanged from 2 percent last month and down from 5 percent a year ago.

Single-family and condo/co-op sales
Single-family home sales were at a seasonally adjusted annual rate of 4.45 million in December, down from 4.71 million in November, and 10.1 percent below the 4.95 million sales pace one year earlier. The median existing single-family home price was $255,200 in December, up 2.9 percent from December 2017.

Existing condominium and co-op sales were at a seasonally adjusted annual rate of 540,000 units in December, down 12.9 percent from last month and down 11.5 percent from a year ago. The median existing condo price was $240,600 in December, which is up 2.3 percent from a year ago.

Regional breakdownDecember existing-home sales in the Northeast decreased 6.8 percent to an annual rate of 690,000 and also 6.8 percent below a year ago. The median price in the Northeast was $283,400, which is up 8.2 percent from December 2017.

In the Midwest, existing-home sales fell 11.2 percent from last month to an annual rate of 1.19 million in December, down 10.5 percent overall from a year ago. The median price in the Midwest was $191,300, unchanged from last year.

Existing-home sales in the South dropped 5.4 percent to an annual rate of 2.09 million in December, down 8.7 percent from last year. The median price in the South was $224,300, up 2.5 percent from a year ago.

Existing-home sales in the West dipped 1.9 percent to an annual rate of 1.02 million in December, and 15 percent below a year ago. The median price in the West was $374,400, up 0.2 percent from December 2017.

© 2019 Florida Realtors®

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FAU study: Market overheated but buyer demand still high

BOCA RATON, Fla. – Jan. 18, 2019 – National housing prices as a whole are slightly overheated and residential real estate markets are experiencing minimal downward pressure on the demand for homeownership, according to a new study from faculty at the Florida Atlantic University College of Business.

The study's author, Ken Johnson, Ph.D., a real estate economist with FAU's College of Business, said the U.S. is nearing the peak of the current housing cycle, evidenced by the fact that property prices around the country are increasing but at a decreasing rate, meaning property appreciation is slowing.

The study, "Where Are We Now with Housing: A Report," investigates and compares the current status of U.S. housing at a national level with that of housing at the peak of the last cycle in July 2006.

"All evidence is suggesting that the national housing market is peaking," Johnson says. "However, this time around, from a national perspective, things should turn out quite differently."

Based on scores from the Beracha, Hardin & Johnson Buy vs. Rent Index, which Johnson co-authors, and data from the S&P CoreLogic Case-Shiller 20 City Composite Home Price NSA Index, the study finds that housing prices are currently 7.3 percent above their long-term pricing trend, but with minimal downward pressure on the demand for homeownership.

For comparison, at the peak of the last housing cycle, prices were 31 percent above their long-term pricing trend. Johnson's BH&J Index was nearing a score of 1 (the highest possible score) in the summer of 2006, indicating extreme downward pressure on the demand for homeownership. Today, that score stands at .039.

"It looks like we're in for more of a very high tide, as opposed to a tsunami, as residential prices peak in this latest cycle," Johnson says. "At a minimum, we can expect flatter housing price growth. At worst, we could experience price declines slightly below the long-term pricing trend."

Johnson's research is based on a national composite of housing prices and estimates of the downward pressure on the demand for homeownership, so the housing picture in some cities will look vastly different from others. For instance, three metropolitan markets – Dallas, Denver and Houston – are all currently significantly above their long-term housing price trends, with very high scores on the BH&J Index.

© 2019 Florida Realtors®

Thinking of Buying or Selling a Waterfront Home?

Some Florida Cities Top U.S, Charts - Fort Myers No. 1

Some Fla. cities top U.S. growth charts – Fort Myers No. 1

ORLANDO, Fla. – Oct. 3, 2018 – In a WalletHub study of growth in U.S. cities, Fort Myers ranked at the top both overall and in the small-city category – but the state overall showed strong growth. In the ranking of large metro areas, Miami ranked second after Austin, Texas. In the ranking of midsize cities, Lehigh Acres ranked sixth.

To determine growth over a seven-year period, WalletHub used 15 metrics to compare 515 U.S. cities. The study included only the area within city limits, and they ranged from a score of 76.57 (Fort Myers) down to 17.27 (Shreveport, La.) The lowest Florida score was Lauderhill's 36.27.

Florida's large cities by rank out of a total of 66, ranking 65.83 to 28.27

2. Miami: 65.75

19. Tampa: 53.42

26. Jacksonville: 50.61

Florida's medium cities by rank out of a total of 233, ranking 73.55 to 29.80

5. Lehigh Acres: 71.00

12. Cape Coral: 64.38

21. Orlando: 59.66

30. Davie: 57.63

40. Pompano Beach: 55.82

42. Port St. Lucie: 55.549

45. Coral Springs: 54.87

50. Brandon: 54.59

52. Miramar: 54.17

64. West Palm Beach: 52.44

67. Pembroke Pines: 52.18

71. St. Petersburg: 51.81

73. Palm Bay: 51.73

78. Lakeland: 50.76

80. Clearwater: 50.60

97. Hollywood: 48.64

100. Fort Lauderdale: 48.44

113. Hialeah: 47.55

121. Miami Gardens: 46.63

147. Spring Hill: 44.64

180. Tallahassee: 40.09

185. Gainesville: 39.22

Florida's small cities by rank out of a total of 200, ranking 76.57 to 17.27

1. Fort Myers: 76.57

15. Boynton Beach: 60.51

16. Sunrise: 60.04

18. Town 'n' Country: 58.31

22. Boca Raton: 56.69

26. Palm Coast: 55.50

38. Largo: 52.67

42. Deltona: 51.47

48. Weston: 50.36

53. Plantation: 49.56

59. Deerfield Beach: 48.30

85. Melbourne: 44.72

98. Miami Beach: 43.52

134. Kendall: 38.47

152. Lauderhill: 36.27

© 2018 Florida Realtors®

Realtor.com: Inventory Crisis Appears to be Ending

Realtor.com: Inventory crisis appears to be ending

SANTA CLARA, Calif. – Oct. 3, 2018 – Realtor.com's September housing report shows national inventory has started to flatten, signaling a crucial inflection point for the inventory crisis. The numbers are based on listings submitted to realtor.com for the month, and it refers to realtor.com listing prices rather than actual selling prices.

According to the realtor.com report, inventory declined a small 0.2 percent from a year ago, but it's poised for positive growth ahead thanks to an 8 percent increase in new listings – the largest yearly jump since 2013.

"After years of record-breaking inventory declines, September's almost flat inventory signals a big change in the real estate market," says Danielle Hale, chief economist for realtor.com. "Would-be buyers who had been waiting for a bigger selection of homes for sale may finally see more listings materialize.

"But don't expect the level to jump dramatically," Hale warns. "Plenty of buyers in the market are scooping up homes as soon as they're listed, which will keep national increases relatively small for the time being."

Florida cities cited in realtor.com's September study

• Jacksonville: Current inventory up 14%; new inventory up 54%

• Tampa-St. Petersburg-Clearwater: Current inventory up 7%; new inventory up 65%

• Miami-Fort Lauderdale-West Palm Beach: Current inventory up 3%; new inventory up 79%

• Orlando-Kissimmee-Sanford: Current inventory down 1%; new inventory up 50%

In September, the U.S. median listing price remained at $295,000, a 7 percent increase year-over-year, but lower than last year's 10 percent increase, according to realtor.com. Homes continued to sell at a relatively rapid pace of 65 days on average – 4 days faster than last year.

More than 465,000 new listings entered the market in September. The new listings were 8 percent ($25,000) cheaper than existing inventory in the market, and 10 percent (200 square-feet) smaller than homes already in the market, on average.

Although single-family home inventory remained relatively flat, declining by only 1 percent, new inventory growth was found in condominiums and townhomes, which are now up 3 percent year-over-year.

The inventory recovery is particularly visible in larger cities. In September, 22 of the 45 largest markets in the U.S. saw year-over-year inventory increases. The five markets that saw the largest inventory jumps were San Jose, Calif.; Seattle; Jacksonville, Fla.; San Diego, and San Francisco, all posting increases of 31 percent or more.

Inventory also rose over last year in Chicago, Miami, Dallas, Boston, Los Angeles, and New York.

Combined inventory in the 45 largest markets increased 5.6 percent year-over-year on average.

© 2018 Florida Realtors®

NAR Survey: Homeowners Ready to Sell in 3Q 2018

NAR survey: Homeowners ready to sell in 3Q 2018

WASHINGTON – Sept. 27, 2018 – New findings from the National Association of Realtors® (NAR) show that a record high 77 percent of Americans believe that now is a good time to sell a house, while those that think now is a good time to buy continues to decline.

NAR's third quarter Housing Opportunities and Market Experience (HOME) survey also found that a majority of consumers believe prices have and will continue to rise, while the quality of schools is a critical factor in deciding whether or not to buy a home.

Half of all Americans strongly believe now is a good time to sell (compared to 46 percent last quarter), while 27 percent moderately believe this is the right time (29 percent last quarter). Respondents in the West are the most likely to think now is a good time (85 percent) as are those who currently own a home (82 percent). Only 22 percent believe that now is not a good time to sell, down from 29 percent in the second quarter.

Optimism that now is a good time to buy has declined slightly from last quarter. Sixty-three percent of respondents either strongly or moderately believe that now is a good time buy compared to 68 percent last quarter. Among renters, positive feelings about purchasing continue to fall, dropping from 49 percent in the second quarter to 45 percent this quarter. Optimism is highest among older U.S. households (65 or over) and those with a household income of more than $100,000 a year (70 and 68 percent respectively).

NAR Chief Economist Lawrence Yun says several consecutive years of strong home price growth are enticing homeowners to consider selling.

"Though the vast majority of consumers believe home prices will continue to increase or hold steady, they understand the days of easy, fast gains could be coming to an end," Yun says. "Therefore, more are indicating that it is a good time to sell, which is a healthy shift in the market."

Respondents were also asked about their view of home prices in their neighborhoods. Seventy percent believe that home prices have gone up in their area in the last 12 months, up from 68 percent in the second quarter. Fifty-three percent also believe that home prices will continue to increase in their communities in the next six months; this is down from the last quarter (55 percent).

Consumers: Positive about economy, concerned about qualifying for a mortgage

A near-record high of 60 percent of households believe that the economy is improving – up slightly from 58 percent last quarter and up significantly from 53 percent in the third quarter of 2017. People in a household income of over $100,000 are more likely to view the economy as improving (67 percent) compared with those with an income $50,000 to $100,000 (64 percent) and under $50,000 (49 percent).

The HOME survey's monthly Personal Financial Outlook Index, showing respondents' confidence that their personal financial situation will be better in six months, rose slightly from 62.1 in June to 62.6 in September. A year ago, the index was 62.0.

Among those who do not currently own a home, 28 percent of those surveyed believe that it would be very difficult to qualify for a mortgage and 31 percent believe that it would be somewhat difficult given their current financial situation (compared to 26 and 28 percent last month respectively). "This is most likely a manifestation of the constantly rising prices," said Yun. "As prices rise so do down payments, making the mortgage qualifying process more challenging."

Homebuying decision: Importance of highly rated schools, other factors

In this quarter's survey, homeowners and non-homeowners were asked how important high rated schools are in their home buying decision. Over two-thirds of those surveyed said that highly rated schools were either very or somewhat important in their decision (47 percent and 23 percent, respectively).

When asked about what considerations were taken into account when choosing a new neighborhood, 25 percent of respondents ranked proximity to friends and family as most important, followed by proximity to their job and a short commute (24 percent). Proximity to friends and family is most important to those in rural areas (31 percent) compared to suburban and urban (25 and 21 percent respectively).

"When you buy a home, you do not just buy the house; you buy a community – neighbors, parks, stores and schools," said NAR President Elizabeth Mendenhall. "Realtors understand the unique qualities of the neighborhoods in their area and can help individual families find and purchase the right home in the right neighborhood."

Respondents were also asked about the number of homes available for sale in their communities. Fifty-six percent of respondents reported that the number of homes available for sale in the neighborhood has remained the same over the past six months, while 23 percent said they have observed more homes for sale than usual.

About NAR's HOME survey

From July through September, a sample of U.S. households was surveyed via random-digit dial, including a mix of cell phones and land lines. The survey was conducted by an established survey research firm, TechnoMetrica Market Intelligence. Each month about 900 qualified households responded to the survey. The data was compiled for this report representing a total of 2,731 household responses.

© 2018 Florida Realtors®

NAR: Pending Home Sales Dip 1.8% in August

NAR: Pending home sales dip 1.8% in August

WASHINGTON – Sept. 27, 2018 – Pending home sales fell slightly in August and have now decreased on an annual basis for eight straight months, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 1.8 percent to 104.2 in August from 106.1 in July. With last month's decline, contract signings are now down 2.3 percent year-over-year.

Lawrence Yun, NAR chief economist, says that low inventory continues to contribute to the housing market slowdown. "Pending home sales continued a slow drip downward, with the fourth month over month decline in the past five months," he said.

"Contract signings also fell backward again last month, as declines in the West negatively impacted overall activity," he said. "The greatest decline occurred in the West region where prices have shot up significantly, which clearly indicates that affordability is hindering buyers and those affordability issues come from lack of inventory, particularly in moderate price points."

According to the third quarter Housing Opportunities and Market Experience (HOME) survey, a record high number of Americans believe now is a good time to sell. "Just a couple of years ago about 55 percent of consumers indicated it was a good time to sell; that figure has climbed close to 77 percent today."

Added Yun, "With prices having risen so quickly, many consumers were deciding to wait to list their homes hoping to see additional price and equity gains. However, with indications that buyers are beginning to pull out, price gains are going to decelerate and potential sellers are considering that now is a good time to list and bring more properties to the market."

Yun pointed to year-over-year increases in active listings from data at realtor.com® to illustrate a potential rise in inventory. Columbus, Ohio, Seattle-Tacoma-Bellevue, Wash., San Diego-Carlsbad, Calif., Providence-Warwick, RI-Mass. and Nashville, Tenn. saw the largest increase in active listings in August compared to a year ago.

When it comes to rising mortgage rates, Yun believes that while rising rates are always a deterrent to potential buyers, it should not lead to a significant decline. "We have two opposing factors affecting the market: the negative impact of rising mortgage rates and the positive impact of continued job creation. This should lead to future homes sales staying fairly neutral," said Yun. "As long as there is job growth, rising mortgage rates will hinder some buyers; but job creation means second or third incomes being added to households which gives consumers the financial confidence to go out and make a home purchase."

Yun expects existing-home sales this year to decrease 1.6 percent to 5.46 million, and the national median existing-home price to increase 4.8 percent. Looking ahead to next year, existing sales are forecast to rise 2 percent and home prices around 3.5 percent.

August pending home sales regional breakdown

The PHSI in the Northeast dropped 1.3 percent to 92.7 in August, and is now 1.6 percent below a year ago. In the Midwest, the index slid back 0.5 percent to 101.6 in August and is also 1.1 percent lower than August 2017.

Pending home sales in the South dipped 0.7 percent to an index of 121.3 in August, however, that number is 1.3 percent higher than a year ago. The index in the West decreased 5.9 percent in August to 89.1 and plummeted 11.3 percent below a year ago.

© 2018 Florida Realtors®

CoreLogic: Strong Economy Boosts Homeowner Equity in 2Q 2018

CoreLogic: Strong economy boosts homeowner equity in 2Q 2018

IRVINE, Calif. – Sept. 24, 2018 – CoreLogic released its National Homeowner Equity Insights Report for Q2 2018: it notes that much of the country is seeing "homeowners emerge from the negative equity trap."

U.S. homeowners with mortgages (which account for roughly 63 percent of all properties) have seen their equity increase by 12.3 percent year-over-year, representing a gain of nearly $981 billion since the second quarter of 2017, according to CoreLogic. About 221,000 residential properties regained equity compared with the first quarter of 2018.

Equity improves nationwide

Additionally, the average homeowner gained $16,200 in home equity between the second quarter of 2017 and the second quarter of 2018. While home equity grew in almost every state in the nation, western states experienced the most significant increases. California homeowners gained an average of approximately $48,800 in home equity, and Washington homeowners experienced an average increase of approximately $41,100 in home equity

From the first quarter to the second quarter of 2018, the total number of mortgaged homes in negative equity decreased 9 percent to 2.2 million homes or 4.3 percent of all mortgaged properties. Year-over-year, the number of mortgaged properties in negative equity fell 20.1 percent from 2.8 million homes – or 5.4 percent of all mortgaged properties – in the second quarter of 2018.

"Homeowner properties continued to increase in value this quarter with homeowners gaining an average of $16,200 in home equity wealth," said Dr. Frank Nothaft, chief economist for CoreLogic. "When aggregated across all homeowners that totals almost $1 trillion in gains in home equity wealth. This wealth gain will support additional consumption spending and home improvement expenditures in coming years."

Negative equity, often referred to as being underwater or upside down, applies to borrowers who owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in a home's value, an increase in mortgage debt or both. Negative equity peaked at 26 percent of mortgaged residential properties in the fourth quarter of 2009, based on the CoreLogic equity data analysis which began in the third quarter of 2009.

The national aggregate value of negative equity was approximately $279.8 billion at the end of the second quarter of 2018. This is down quarter over quarter by approximately $5.5 million, from $285.3 billion in the first quarter of 2018.

"Negative equity levels continue to drop across the US with the biggest declines in areas with strong price appreciation," said Frank Martell, president and CEO of CoreLogic. "Further, the relatively low level of shadow inventory contributes to the chronic shortage of housing supply and price increases in many markets."

However, among those metro areas experiencing negative equity, Miami, Fla. may be hurting the most, with the negative equity share of all mortgages standing at 11.4 percent year over year.

The Homeowner Equity Insights report is published quarterly with coverage at the national, state and Core Based Statistical Area/Metro level and includes negative equity share and average equity gains, according to CoreLogic.

© 2018 Florida Realtors®

Positive Trends Continue in August 2018

Fla. housing market: Positive trends continue in Aug. 2018

ORLANDO, Fla. – Sept. 20, 2018 – Florida's housing market reported more sales, more new listings and higher median prices in August compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 26,273 last month, up 4.2 percent compared to August 2017.

"August marked the second month in row that Florida's housing market experienced a rise in new listings, which is a good sign for potential homebuyers," says 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. "New listings for existing single-family homes rose 6.6 percent compared to a year ago and new listings for condo-townhouse properties increased 4.1 percent from last August.

"At the same time, the median time for a sale to go to contract is getting shorter: For single-family homes, it was 36 days, down 2.7 percent; for condo-townhouse properties, it was 46 days, down 6.1 percent. With such a quick turnaround time to contract, a Realtor with local expertise can help buyers and sellers navigate the market."

August marked the 80th consecutive month (over six and a half years) that the statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year. The statewide median sales price for single-family existing homes was $254,290, up 6.0 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Thestatewide median price for condo-townhouse units in August was $185,000, up 8.8 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors (NAR), the national median sales price for existing single-family homes in July 2018 was

Looking at Florida's condo-townhouse market, statewide closed sales totaled 10,365 last month, up 6.6 percent compared to a year ago. Closed sales data continued to reflect fewer short sales and foreclosures in August: Short sales for condo-townhouse properties dropped 18.8 percent and foreclosures fell 28.9 percent year-to-year; while short sales for single-family homes declined 34.2 percent and foreclosures fell 30.1 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

"The dominant story across Florida's housing markets over the past couple of years has been the shortage of single-family homes for sale, but in the July numbers, instead of the usual year-over-year decline, we saw that inventory was virtually unchanged from the level we reported for July of 2017," says Florida Realtors Chief Economist Dr. Brad O'Connor. "So the question is, is this the beginning of a trend? According to the newly released August data from Florida Realtors, it very well could be.

"As of August 31, we found that the statewide inventory of single-family homes was up 4.5 percent compared to the same point in time last year, marking the first tangible year-over-year increase we've seen in end-of-month inventory in over three-and-a-half years.Should single-family inventory levels continue to rise, especially in the price tiers where demand is the greatest, we can probably expect some acceleration in sales growth and more modest rates of price growth."

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.55 percent in August 2018, up from the 3.88 percent averaged during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Research & Statistics section on floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors' website.

© 2018 Florida Realtors®

Realtor.com: Luxury Market Picks up Speed

Realtor.com: Luxury market picks up speed

SANTA CLARA, Calif. – Sept. 19, 2018 – Luxury home sales continued to break records as prices hit double-digit gains in 20 major counties, according to the realtor.com 2018 Luxury Home Index released today. Additionally, the number of sales at or above the $1 million mark rose 6 percent over last year.

The realtor.com Luxury Home Index analyzes the luxury price tier, defined as the top 5 percent of all residential sales, in 90 U.S. counties.

Demand for luxury homes remains strong
The pace of sales for luxury homes remains strong. The combined median age of inventory in the 90 luxury markets surveyed was 121 days, down nine days or 6.9 percent year-over-year. Additionally, two-thirds of luxury markets are seeing inventory move faster than this time last year.

In 50 of the 90 counties analyzed, the luxury tier currently has an entry point of at least $1 million, while 70 markets continue to see yearly price growth.

"The conditions in the luxury segment are quite different from the market overall – it's really a tale of two markets," says Danielle Hale, chief economist for realtor.com. "Although U.S. median listing prices show signs of slowing growth, luxury prices are moving in the opposite direction in many places. For the second consecutive month, we've seen more markets with double-digit, entry-level luxury price growth than in the past four years."

Sarasota stays on top
Since March, Sarasota, Fla. has remained the nation's fastest-growing luxury market, with sales prices up 21 percent since last June. Half of all luxury homes in Sarasota sold within 165 days – 22 percent faster than the previous year. Queens, N.Y.; Santa Clara, Calif.; Boulder, Colo.; and Naples (CollierCounty, Fla.)rounded out the top five counties, each seeing yearly price growth between 13 and 15 percent.

Miami's luxury market starts heating up
Recent trends in Miami's luxury segment suggest that the luxury entry point could break the $1 million mark for the first time this fall. After declining for 24 months in a row, Miami luxury prices finally saw growth this January and have now reached the highest price gains since July 2015. Miami's luxury market is currently growing at 2.2 percent year-over-year.

Other surrounding South Florida counties, including Broward, Collier, Lee, and Palm Beach, saw similar declines in recent years, but many of them have outpaced the rest of the country since early last year with yearly price growth between 5 and 13 percent.

Other U.S. marketsNorthern California luxury markets continue performing well, with seven counties in the top 20 fastest growing markets, all of which saw double-digit growth in June. San Francisco, Sonoma, and Santa Clara – up 10, 13, and 15 percent, respectively – are showing there is still room for growth. On the other hand, San Mateo, Sacramento, San Luis Obispo, and Santa Cruz are holding steady.

There's a hot streak in Davidson and Williamson counties, both part of the greater Nashville area, which grew 12 and 11 percent, respectively. Both saw double-digit growth in June, after steadily gaining momentum since 2016. Half of all luxury homes sold in 61 days in Davidson County, putting it among the nation's 10 fastest-moving luxury markets.

Seattle (King County, Wash.) luxury grew by 13 percent in June compared to the same time last year, pushing its luxury entry point to $1.5 million. This marks Seattle's 11th consecutive month of growth between 12 and 14 percent. As the market's growing tech scene funnels in a more affluent crowd, more buyers can afford pricier homes, which may push demand - and prices - higher.

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