“Brevard County had another glowing housing report this morning, according to data released by Florida Realtors”
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August was a good month for the local Brevard County, Florida real estate market!
Sales rose 11.5 percent over the year to match the second-highest volume of 2013.
Also increasing was the median sale price — the point at which half the homes sell for less, half for more. That figure was $130,000, matching the yearly high so far.
Brevard County figures for single-family homes and condos were released Thursday by the FloridaRealtors, the Orlando-based organization that compiles sales data throughout the Sunshine State. August data shows the rebound in real estate is solidifying, fueled by tight inventories, but also a federal monetary policy which is keeping mortgage rates at historically low levels.
“We’ve already had double-digit increases in sales this year so I think our inventories are going to go low and interest rates may go up slightly,” said Rebecca Sparks, owner of the 25-year-old Apollo Realty in Cocoa Beach. “But I think we’re going to finish 2013 with a bang and start 2014 off just as strong as we finish 2013.”
Key points of the Brevard market from the FloridaRealtor report are:
Pending sales — when the buyers and sellers reach an agreement and are close to finalizing a housing transaction— were up 27 percent in August over the year.
Days on the market remained at 37 days.
The months supply of inventory fell 13.3 percent to 4.1 from 4.8.
People paying in cash rose 14.1 percent to 348 from 305 a year earlier.
Nationwide, the housing news also was positive.
Existing-home sales increased in August and reached the highest level in six-and-a-half years, while the median price shows nine consecutive months of double-digit year-over-year increases, according to the National Association of Realtors.
Total existing-home sales— which are completed transactions that include single-family homes, townhomes, condominiums, and co-ops — rose 1.7 percent to a seasonally adjusted annual rate of 5.48 million in August from 5.39 million in July, and are 13.2 percent higher than the 4.84 million-unit level in August 2012.
Sales are at the highest pace since February 2007, when they hit 5.79 million, and have remained above year-ago levels for the past 26 months.