The Florida market is showing a well-rounded recovery post-Hurricane Irma, according to new data from Florida Realtors, with the number of sales, median prices, new listings and new pending sales all increasing in October.
The number of sales in Florida in October increased 2 percent year-over-year to 20,543, according to the data. In the same time, the median price for single-family homes jumped 7.1 percent to $235,558, while new listings surged 9.8 percent.
“Last month, we talked about how it’s not uncommon for Florida to see a quick rebound in sales of existing homes the month after a hurricane,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “And, according to the latest data, that’s exactly what happened in the Sunshine State in October. Both single-family home and condo-townhouse sales rose, boosted in part by closings that otherwise would have been completed in September if not for delays brought about by Hurricane Irma. Because of the length of the home-selling process, we’ll likely see some reverberations of Irma’s impact statewide for a couple more months, but October’s statistics are very encouraging.”
Meanwhile, the state’s home inventory remains tight like much of the rest of the country, with a 3.8 months’ supply for single-family homes and a 5.6 months’ supply for condos and townhouses, according to Florida Realtors.