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Prices Going Up In Florida in April Reports!

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Fla.’s housing market: Prices, listings rise in April

NAR: April existing-home sales show modest improvement, inventory gains

ORLANDO, Fla. – May 22, 2014 – Florida's housing market reported higher median prices, more new listings and a slight rise in inventory in April, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 21,385 last month, up 4.1 percent over the April 2013 figure.

"Florida's strengthening economy and increased jobs outlook are positive signs for continued growth in the state's housing market," said 2014 Florida Realtors®President Sherri Meadows, CEO and team leader, Keller Williams, with market centers in Gainesville, Ocala and The Villages. "Statewide, new listings for single-family homes in April rose 9.2 percent year-over-year, while new townhouse-condo listings rose 1.4 percent. This increase in listings shows many Florida homeowners are continuing to regain equity in their homes. Potential sellers who were on the sidelines now believe the time is right to put their residences on the market.

"And, for the 29th month in row, median sales prices rose year-over-year for both single-family homes and townhome-condo properties."

The statewide median sales price for single-family existing homes last month was $175,000, up 6.1 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis (IDA) department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in April was $140,500, up 9.8 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors (NAR), thenational median sales price for existing single-family homes in March 2014 was $198,200, up 7.4 percent from the previous yearthenational median existing condo price was $200,800.In California, the statewide median sales price for single-family existing homes in March was $435,470; in Massachusetts, it was $314,063; in Maryland, it was $245,891; and in New York, it was$217,500.

Looking at Florida's townhome-condo market, statewide closed sales totaled 10,766 last month, down 5.1 percent compared to April 2013. The closed sales data reflected fewer short sales last month compared to the previous year: Short sales for condo-townhome properties declined 57.9 percent while short sales for single-family homes dropped 51.5 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.

"We continue to see the development of a sustainable market here in Florida," said Florida Realtors Chief Economist Dr. John Tuccillo. "The numbers all suggest a balanced market, and the slight uptick in inventory is a correction for the historically low levels we've seen over the past two or three years.

"If there's anything that jumps out of these numbers, it is the rapidly disappearing short sale market. The decline in short sales – a characteristic seen all over the country – is a function of rising prices reducing the number of candidate properties for short sales. We expect this will continue as the market continues to improve."

Inventory was at a 5.7-months' supply last month for single-family homes and at a 6-months' supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.34 percent in April 2014, up from the 3.45 percent average recorded during the same month a year earlier.

Pros and Cons of Buying Fixer Uppers!

A fixer upper can be very a tempting choice when you are looking to buy a home. Whether you are a first-time homebuyer or real estate veteran, here are some pros and cons to consider before purchasing a property that needs major renovating. Pros: A less-than-perfect house often allows buyers to own in a neighborhood they otherwise couldn't afford. A fixer upper located in a desirable neighborhood may often sell for less than the surrounding homes. When redoing a home there is the opportunity to create a space all your own and make it exactly how you would like. There are a lot of variables specific to each property, but often, there is a possibility for profit in resale once the property is renovated. Cons: You may be overwhelmed with the amount of work, time and money it takes to renovate. (This is why it may be wise to bring professionals with you to walk through the property before you buy to avoid underestimating the work and cost.) Always have a back up plan to access funds or credit if any unforeseen hurdles are discovered during the renovation. There is always a possibility that you could lose money on your investment. It is common to go over budget on repairs and renovations. The housing market is another variable that can be unpredictable. Whether you're hiring with a contractor or doing the work yourself, the renovation process is often stressful. Consider the commitment before you buy, especially if you plan on living on the property while doing the renovation.

Check These Rates!

Average rate on 30-year loan up to 4.39%

Mortgage Rate Trend Index

Almost half (42%) the mortgage experts polled this week by Bankrate.com expect rates to decline over the short term. The rest are equally divided: 29% foresee a rate increase while 29% say rates won’t appreciably change.

WASHINGTON – Aug. 2, 2013 – Average rates on U.S. fixed mortgages ticked up this week but are still low by historical standards, a trend that has helped the housing market recover.

Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan rose to 4.39 percent from 4.31 percent last week. Rates are a full percentage point higher than in early May.

The average on the 15-year fixed loan increased to 3.43 percent from 3.39 percent last week.

Rates spiked in June after the Federal Reserve indicated it could slow its bond purchases later this year, which have kept long-term interest rates low.

But on Wednesday the Fed hinted it might hold off because the economy remains sluggish. And it noted for the first time that mortgage rates, which have fueled home sales, “have risen somewhat” from record lows.

Mortgage rates tend to follow the yield on the 10-year Treasury note, which has also jumped on speculation that the Fed could slow its stimulus.

Despite the increases, mortgages are still a bargain for those who can qualify. And low rates are helping boost home sales in most markets and driving home prices up.

Home prices jumped 12.2 percent in May compared with a year earlier, according to the latest Standard & Poor’s/Case-Shiller 20-city index released Tuesday. That’s the biggest annual gain since March 2006.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was 0.7 point this week, down from 0.8 point last week. The fee for a 15-year loan also declined to 0.7 point from 0.8 point.

The average rate on a one-year adjustable-rate mortgage dipped to 2.64 percent from 2.65 percent. The fee was unchanged at 0.4 point.

The average rate on a five-year adjustable mortgage rose to 3.18 percent from 3.16 percent. The fee declined to 0.6 point from 0.7.
 Copyright © 2013 The Associated Press, Marcy Gordon, AP business writer. All rights reserved. This material may not be published, broadcast, rewritten or redis

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