The housing market in Florida continues to stay strong as the number of closed sales and the median price of existing homes are on the rise.
"The Consumer Financial Protection Bureau's Know Before You Owe TILA-RESPA Integrated Disclosure (TRID), which was implemented in early October, may have affected home sales in the last couple of months," said 2015 Florida Realtors President Andrew Barbar, a broker with Keller Williams Realty Services in Boca Raton. "It appears some sales have been delayed and likely pushed into closing the following month. However, as the TRID implementation process moves forward, we believe its impact should be transitory.
According to the press release of Florida Realtors in PR NewsWire, the closed sales of existing single-family homes in Florida has increased to 18,102, up 1.9 percent from last year of the same month. The November median sales price for an existing-family home was $200,000, 13.6 percent higher compared to last year.
The November 2015 Florida Residential Market Sales Activity revealed that the number of closed deals in Florida's Townhouse-Condo market was 7,628, up by 5.7 percent from November 2014. The median price for townhouse-condo properties in November was $150,000, up 7.1 percent over the year-ago figure.
November marked the 48th month in a row that the statewide median sales prices of Florida has increased year-over-year for both single-family homes and townhouse-condo properties.
"We are ending the year on a high note, but the market is definitely tightening in Florida. Both single-family sales and condo-townhouse sales increased in November, but inventories continue to fall," said Florida Realtors Chief Economist, Dr.John Tuccillo. "Although the recent Fed increase in interest rates will not affect the housing market in any significant way in the next few months, the rise, coupled with the absence of inventory, could cause the market to slow down a bit as we enter 2016."
According to Florida Realtor, the inventory for existing homes, townhouses, and condos for sale is going to be tight. Single family homes have a 4.5-months supply in November while townhouse-condo properties have 5.5-months supply.
