Both California and Florida housing markets are seeing steady activity despite fluctuations in market conditions, according to two reports released on Monday by each state’s Realtors associations.
Because of seasonal price declines and higher household income, California’s housing affordability increased, according to the California Association of Realtors’ (CAR)Traditional Housing Affordability Index (HAI). According to the organization, California C.A.R buyers who could afford a median-priced ($496,620), existing single-family home in California rose to 32 percent of residents the first quarter of 2017 from 31 percent of the fourth quarter of 2016.
Despite this uptick, homes were less affordable in the first quarter of 2017 than that of 2016, when CAR’s HAI was at 34 percent.
Meanwhile, Florida Realtors reported higher median sales prices for single-family existing homes. According to the association, Florida’s housing market saw a total of 60,733 closed sales of single-family homes this quarter. This is a 5.1 percent increase from the first quarter of 2016.
Florida’s median sales price for single-family homes has also gone up 10.7 percent from the same time a year ago, according to data from the Florida Realtors Research department in partnership with local realtor boards/associations. The median sales price for condo-townhouse properties has also increased during this time frame.
"During the first three months of 2017, traditional sales of single-family homes and condo-townhouses rose in Florida," said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. "In another positive sign, pending sales for single-family homes rose 1.8 percent year-over-year, while condo-townhouse pending sales rose 4.8 percent. Distressed property sales continued to drop–which underscores solid stability in the state's housing market.
"Buyer demand continues to increase, yet the inventory of homes for sale remains tight in many local markets. That's putting upward pressure on median prices and sometimes results in multiple offers. By working closely with a Realtor who knows local market conditions and trends, consumers have an expert in their corner whether selling or looking to find their dream home."