The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 11,201 units sold statewide last month, up 11.5 percent compared to May 2012. Meanwhile, pending sales for townhouse-condos last month increased 18.3 percent compared to the year-ago figure. The statewide median for townhouse-condo properties was $128,000, up 13 percent over the previous year. NAR reported that the national median existing condo price in April 2013 was $189,500.
The inventory for single-family homes stood at a 5-months’ supply in May; inventory for townhouse-condos was at a 5.4-months’ supply, according to Florida Realtors.
“The numbers continue to move in the right direction,” says Florida Realtors Chief Economist Dr. John Tuccillo. “We remain concerned about the rise in the percentage of sales accounted for by all cash buyers. These numbers understate the true condition of the market in that a great many sales are conducted directly with the financial institution holding the property, and thus do not appear in the Multiple Listing Service (MLS).
“But those crying doom-and-gloom who read this growth in investor activity as the sign of a new bubble are far off-base and simply don’t understand the texture of the current market.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.54 percent in May 2013, down from the 3.80 percent average recorded during the same month a year earlier.
To see the full statewide housing activity reports, visit www,media.floridarealtors.org.