Sales and inventory both fly higher in Florida
Tue 24 Jun 2014
Sales and supply of property in Florida are flying higher, according to new figures from Florida Realtors. Closed sales of single family homes statewide totaled 23,013 last month, up 3.6 percent over the May 2013 figure. New listings for single-family existing homes in May also rose 13.1 percent year-over-year, while new listings for townhouse-condos rose 3.9 percent over the previous year. The statewide median sales price for single-family existing homes last month was $180,000, up 4.3 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 May was $145,000, up 13.7 percent over the year-ago figure. "Inventory levels continue to improve in Florida, and the months supply of homes for sale remains stable all good signs for the housing market," said 2014 Florida Realtors President Sherri Meadows, also CEO and team leader of Keller Williams. "Right now, the market offers a great opportunity for sellers, who are seeing nearly 93 percent of their asking price at the closing table. And mortgage rates, though rising, remain historically low giving consumers more buying power." UK house sales up almost 15 per cent Sales of UK residential property have risen by almost 15 per cent in the last year. The latest HMRC data reveals that the provisional seasonally adjusted UK residential property transaction count for May 2014 was 99,320, 3.5 per cent down from April 2014, but 14.8 per cent higher than one year ago. The trend since the beginning of 2013/14 has been of a general month-on-month increase in transactions for the seasonally adjusted data until February 2014, after which there has been a gradual decrease. Recent non-seasonally-adjusted transactions peaked in November 2014, the highest level since November 2007, then steadily declined until February 2014, after which there has been a gradual increase. Peter Rollings, CEO of Marsh & Parsons, comments: "Weve moved into a new chapter of the housing market recovery. The story so far this year has been one of record-breaking house price rises, due to intense competition for available properties and a new wave of first time buyers climbing on the property ladder. But on a seasonally adjusted basis, total house sales have also fallen 3.5% in the month to May 2014. The impact of the Mortgage Market Review is still to be determined, but the introduction of tougher lending conditions has lengthened the approval process as the mortgage market adapts to this regulatory shake up and stabilises. Price growth is beginning to tail off as more property becomes available, offering buyers some welcome respite from the frenetic pace of the market and greater choice. This is also great news for sellers looking for their onward purchase, and will normalise trading conditions and boost activity levels. "Were all waiting with baited breath to see Mark Carneys next tactic on the pitch. As an interest rate looms, lenders are increasingly cautious against higher risk mortgage loans, and implementing stricter affordability criteria to ensure that borrowing remains responsible. However the government and the Bank of England should be wary of taking their foot off the gas completely the London property market may be standing head and shoulders above the rest of the country, but further afield initiatives such as Help to Buy have been vital crutches helping the recovery get back on track."