Florida real estate prices stable, but fewer sales going on lately

In spite of interest rate increases, the Florida real estate market this June remains stable, with the average house selling for $420,000, the same as June 2022, and the average condo selling for $325,000, also the same as 2022. However, statewide there has been a decrease in closed sales of existing houses, down 7.9 percent year over year. Condo and townhouse sales were down 11 percent, to 10,494. Florida Realtors Chief Economist Brad O’Connor said in a national press release that a 7.9 percent year-over-year decline in closed single-family home sales is understandable due to interest rates.  Today, the 30-year fixed rate is in the 7-7.375 percent range, according to Terese Dulge, vice president and residential lender for Englewood Bank and Trust, now Crews Bank and Trust. She said that rates, coupled with today’s property prices, are making it more and more difficult for many borrowers to qualify for a new mortgage.