Median prices in Florida’s housing market grew in Q2

Median prices in Florida’s housing market grew in Q2

In June and in the second quarter of 2022, there were more listings in the Florida housing market than last year, the median prices increased and the supply started dwindling. At the same time, higher mortgage rates and inflation still have a negative impact on sales, according to the latest data from Florida Realtors®.

The median time to contract a single-family home in the existing homes market was 10 days in June, while it was eight in the same period of the past year. The median time to contract an existing condominium / townhouse was 12 days (compared to 17 days in June 2021).

Last month, 28,296 single-family homes were sold statewide, down 17.2% year-on-year. 11,796 condominiums / townhouses were sold (27% less than in June 2021).

Dr. Brad O’Connor, Chief Economist at Florida Realtors, noted that the number of closed sales reduced significantly compared to the last year, but the June’s level was similar to that of June 2018 and 2019.

At the same time, 4.7% more new condominiums / townhouses were listed last month than in June 2021.

The median selling price of an existing single-family house was $420,000 in June – 19.7% higher than last year. The median price of condominiums / townhouses was $324,900 (+26.4% year-on-year).

So prices are growing in the Florida home market while the sales are slightly down.

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