JUNE 2020 Florida Housing Report

Local Real Estate Market Data JUNE 2020 presented by Almost Home Real Estate Services

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… Click To Tweet

Regardless 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 Click To Tweet

June 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…

Download the Florida Real Estate Market Reports HERE

Visit our Local Real Estate Market Data page for Summary Reports and Custom Report Downloads.

Spread the love

Written by 

A seasoned marketing professional who sells real estate. His vast executive experience incorporates rock-solid strategic operations and stunning brand development. He manages both Almost Home locations. (Cape Coral, FL, and Westerly, RI). Chris has a healthy obsession with lifelong learning and skill development. As a result, he is a licensed FL & RI REALTOR®, Pricing Strategy Advisor, Accredited Staging Professional, and Real Estate Consultant. Chris is tenacious with the evolution of our distinct concierge services. Thus, his laser focus on the dynamic residential real estate market keeps us two steps ahead of the competition. Making Real Estate, Simplified.

Leave a Comment Below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.