The official March 2020 Florida Housing Report was released on April 21, 2020, reflecting another month of Florida’s continued growth in sales and median home prices.
Florida Housing Report Overview
The latest data released by the Florida Realtors® reflects some surprising numbers over last year at this time. The Florida housing market statewide reflects an increase of 6.4% in closed sales of single-family homes with an increase of the median home prices up 7.4% as well.
March was really a pivotal moment for the country as the Covid-19 stay at home orders were issued and the stock markets began their decline. Many who watch the real estate market we’re expecting a more drastic downturn in the numbers this month. However, keep in mind, the majority of these March closed sales started under contract in January and February. A closer look at the details of closed transactions reflects a much higher closing rate in the earlier weeks of March than the later, reflecting the true trend in the housing market.
2020 March Florida Housing Reports available for download HERE.There is no better reason to turn to a local REALTOR, than now to guide you through your housing moves.~Michelle Richard – Broker/Owner Click To Tweet
Many home buyers and sellers have understandably pressed the pause button in this current climate of uncertainty.
As short term demand for housing slows, you can see this as well in the new pending sales for March which were down -22.6% for single-family homes and -35% for townhouses and condos. Combine that with the reduction in new listings of -3.6% in single-family homes and -10.4% in townhouse/condo listings and you see a more accurate picture of the current housing market across the state of Florida."New pending sales were really the first metric to turn in a downward direction after the stock market began to fall in late February, as buyers increasingly became wary of making a commitment as large as a home purchase in the face… Click To Tweet
This drop of both new pending sales and new listings indicate, at least, a short run of supply and demand in decline.
As a result, April and May will reflect significantly lower closed sales. However, the volatility of sale prices will be more stable since there is a reduction in both supply and demand simultaneously.
March 2020 National Housing Statistics
The National Association of Realtors (NAR) reported in their Housing Snapshot for March 2020.
- Closed Sales 5.27M decreased -8.5% over last month and up +0.8% over March of last year.
- Median Sales Price $280,600 increased +8.0% over last year.
- Housing inventory levels 3.4 months of supply vs 3.8 months in March 2019
In related real estate industry news…
- Fannie Mae, Freddie Mac: Mortgages in forbearance do not need to be paid back all at once
- Enough with the ‘hypothetical models,’ it’s time to reopen the U.S. economy, Stanford doctor says
- Forecast plus what’s driving mortgage rates today
Download the Florida Real Estate Market Reports HERE
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