ORLANDO, Florida -- Florida’s housing market reported increased closed sales, more pending sales, higher median prices and a reduced inventory of homes for sale in March, according to the latest housing data released by Florida Realtors®.
Statewide closed sales of existing single-family homes totaled 19,631 in March, up 9 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.
Brevard County's closed sales of existing single-family homes were down 6.8% from a year ago, but the median price of those sold rose 9% to $119,000.
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 9,957 units sold statewide last month, up 1.1 percent compared to March 2012. The statewide median for townhouse-condo properties was $120,000, up 15.9 percent over the previous year.
On Florida's Space Coast, sales of townhouse-condos were down 4.5% year-over-year, but the median price also rose 10.8% to $118,000.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.57 percent in March 2013, down from the 3.95 percent average during the same month a year earlier.