ORLANDO, Fla., Nov. 22, 2016 /PRNewswire/ -- Florida's housing market reported higher median prices and fewer all-cash sales in October, according to the latest housing data released by Florida Realtors®. Shortfalls in inventory continued to impact sales statewide: Single-family home sales totaled 20,194, down 5.3% from October 2015, while townhouse-condo sales totaled 7,955, down 12.3 percent compared to a year ago.
" Florida's housing market continues to experience fewer sales of distressed properties and a restricted supply of homes for sale," said 2016 Florida Realtors® President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. "A shortage of new listings could impact home sales in the long run. When you look at the state's tight inventory of homes and a decline in the median time it takes for a home to sell (go under contract), it shows buyers are still in the market. However, they're not finding as many potential options as they'd like." Home sellers continued to get more of their original asking price at the closing table in October: Sellers of existing single-family homes received 96.1 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.8 percent (median percentage). The statewide median sales price for single-family existing homes last month was $220,000, up 11.7 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in October was $161,000, up 8.1 percent over the year-ago figure. In October, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 59th month in a row, Veissi noted. The median is the midpoint; half the homes sold for more, half for less.