The official June 2020 Florida Housing Report was released on June 22, 2020, for the finalized market statistics from May 2020. The Florida statewide housing market in May showed continued aftermath of the coronavirus pandemic that shut down businesses and rippled through the global economy.
Florida Housing Report Overview
Florida Realtors® reports lower levels of closed sales and new listings compared to a year ago. However, statistics reflected a positive sign. The increased median sales prices and new pending sales for single-family existing homes compared to the same time last year.
The condo and townhouse markets are a bit behind the single-family homes. Closed sales fell -16.8% versus the prior year, however, it does reflect an improvement over the April numbers.
2020 June Florida Housing Reports available for download HERE.
Florida’s housing market wrapped up May down -36.2% in single-family homes sales. However, condos and townhomes had a -50.3% reduction in comparison to the prior year.
"The most significant evidence we have of a rebound are the year-over-year changes we see for new pending sales in May. That 2.3% increase is in significant contrast to what we saw in April, when new pending sales were about 35% lower… Share on XRegardless of the fluctuating economy and pandemic protocols, May continued the momentum of the median sales price growth to 101 consecutive months. This growth was reflected in both the single-family homes and condo townhouse markets.
The May results were on track with the pending sales data we saw in the March and April numbers. This is based on many closings occur 45-60 days after getting under contract. Future months will reflect the current pending sales under contract which are growing rapidly.
The lack of inventory available and record-low mortgage rates will continue to drive the housing market to a faster recovery. It is also evident in the sheer volume of mortgage applications crossing the desk of the lenders currently.
What will the July housing market look like when the dust settles?
The health of the housing market is tied to the economy recovering. Driven by the employment numbers as businesses continue to adapt and reopen.
We’re in uncharted waters. The housing economists accounted for a second wave of the virus in their projections. The housing market will be in even better shape as we continue to reopen and move forward with our economy.
We're cautiously optimistic about the real estate market. If you're jumping into the current market, best to have an expert Realtor guiding you through the details.~Michelle Richard – Broker/Owner Share on XJune 2020 National Housing Statistics
The National Association of Realtors (NAR) reported in their Housing Snapshot for May 2020.
- Closed Sales 3.91M decreased -9.7% over last month and down -26.6% over May of last year.
- Median Sales Price $284,600 increased +2.3% over last year.
- Housing inventory levels 4.8 months of supply vs 4.3 months in May 2019
In related real estate industry news…
- 2020 Housing Market Forecast: What to Expect
- Housing Market: Housing Starts & Home Sales | Kiplinger
- Housing market – Realtor.com Economic Research (VIDEO)
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