The official July 2020 Florida Housing Report was released on July 22, 2020, for the finalized market statistics from June 2020. Florida’s housing market continues it’s recovery with results that are the best they’ve been in months.
Florida Housing Report Overview
Statewide closed sales for existing single-family home sales were up +1.3% year-over-year. That’s a big swing from being down -21% in May. As we pass over the midpoint of the year, the housing market is only down just over 7% for the year.
At this pace we could end the year ahead of 2019.
New pending sales of single-family homes are the indicator of where the more immediate market is trending. As a result, the upcoming months look promising. That outlook and the fact statewide new pending sales were up over 23% in June over last year are very welcomed results.
2020 July Florida Housing Reports available for download HERE.
Record-low mortgage interest rates combined with the release of all the pent-up demand from the pandemic closures have spurred the renewed interest in the Florida housing market. This wave will eventually pass, but we’re glad to see the quick rebound.
The interest rates might still have some room to go lower but it would be minimal and at least they’re not expected to climb for some time. The continued growth of the national economy is currently on our side.
Can the housing inventory keep up with the demand?~Michelle Richard – Broker/Owner Share on XAn unexpected major negative hit to the economy would send us back to the drawing boards though. Fingers crossed, we’re heading in the right direction, so buckle up for the ride.
The townhouse-condo markets have rebounded quickly as well. June may reflect still being down -11%, but the prior month was well over -50% down. This one month gain is promising along with the +20% increase in new contracts.
The question will be, “Can the housing inventory keep up with the demand?”
The inventory of available homes is still thin and will continue to influence the prices and growth especially in the single-family home category. The current single-family inventory levels are down -27% statewide compared to last year. The townhouse-condo inventory is in slightly better shape only being down -6% compared to last year.
What will the August housing market look like when the dust settles?
A combination of slow sales growth through the pandemic and the continuing inventory shortage started to balance each other out maintaining home values across the state. The acceleration of growth and continued lack of inventory will cause the home values to continue rising as they were prior to all the shutdowns.
The Florida statewide single-family median home price ended June +4.4% increasing to $282,000.
The Florida statewide townhouse/condo homes wrapped up June + 7.7% increasing to $210,000.
Overall 2020 Outlook
We’re making the most of the early half of the year and looking forward to the later. Home values will continue their steady growth with inventory being the deciding factor in the overall sales growth for the year. We can’t sell what we don’t have.
July 2020 National Housing Statistics
The National Association of Realtors (NAR) reported in their Housing Snapshot for June 2020.
- Closed Sales 4.72M increased +20.7% over last month and down -11.3% over June of last year.
- Median Sales Price $295,300 increased +3.5% over last year.
- Housing inventory levels 4.0 months of supply vs 4.3 months in June 2019
In related real estate industry news…
- Where Does The U.S. Housing Market Go From Here? Five Experts Share Predictions For The Rest Of 2020
- Housing market performance directly correlates with economy’s resilience
- Latest FHFA House Price Index (HPI) news release and report
Download the Florida Real Estate Market Reports HERE
Visit our Local Real Estate Market Data page for Summary Reports and Custom Report Downloads.