National and Regional Single Family Market
According to NAR, existing single family homes sales have increased slightly with projected annual sales of 5,490,000 units in August 2019 versus 5,350,000 units in August 2018. Statistics in the South have increased slightly with projected annual sales of 2,330,000 units in August 2019 versus 2,250,000 units in August 2018..
As of August 2019 there was a 4.1 month supply of inventory available, which was down 4.7% from the previous year, nationwide. Months of Inventory is a measure of how fast all the existing homes on the market would last assuming no more listings are added, and the rate at which homes sell is a constant figure based on the average of the last 12 months of sales.
Meanwhile, the median nationwide existing single family home price was $278,200 in August 2019, which is up 4.7% from a year ago. The median price in the South was $254,900, which was up 4.5% from the previous year.
The average nationwide existing single family home price was $323,600 in June 2019, reflecting a 3.2% increase from a year ago. The average price in the south was slightly down -0.2% from the previous year. Since the median sales price is significantly higher than the average sale price, there is a significant amount of lower end product being sold.
Florida Single Family Market
The following data was prepared by the Florida Association of Realtors (FAR). The following is summary of the second quarter of 2019:
As can be seen in the following charts, sales of single family homes increased in 2019 from 2018 numbers.
Along with increases in the number of sales, pricing also increased in 2019.
In the Real Estate Market?
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