Florida’s housing market continues to report rising median prices, more cash sales and tight inventory, according to the latest housing data from Florida Realtors.
Closed sales of single-family homes statewide totaled 88,592 in the third quarter, down 1.1% from last year during the same time period. Meanwhile, condo-townhouse properties have seen a 13% uptick in closed sales since 2020, according to a press release.
Closed sales typically occur 30-90 days after sales contracts are written.
Median prices for both single-family homes and condo-townhouse properties rose nearly 20% year-over-year.
“The inventory of homes on the market increased during the quarter, which was welcomed news, but the latest data shows that the pace of this increase has slowed considerably,” said Brad O’Connor, chief economist for Florida Realtors. “That’s just another reminder that we have a long way to go in terms of supplying enough homes for sale to satisfy the continued high level of demand that we’re seeing in all different segments of the housing market.”
The share of closed all-cash purchases rose in 2021 compared to the previous year. Single-family existing-home sales paid in all cash increased by 45.5% year-over-year, while all-cash sales of condo-townhouse units rose by 33.2%.
According to Florida Realtors, inventory was at a 1.3-months’ supply in the third quarter for single-family homes and at a 1.7-months’ supply for condo-townhouse properties.