June pending sales for single family homes increased 6% from May and 5% from the previous year; pending sales for condos increased 7% over May figures, but are down 10% from 2011 due to the shrinking inventory.

The median sale price of single family homes is up 9% year over year; the median sale price of condominium sales has increased 18% from the same period in 2011. The median is the midpoint; half the homes sold for more, half for less.This number can be somewhat distorted downward by distressed properties selling at lower prices.

Currently, there is 4 months of available inventory (down from 7 in 2011), giving investors, both foreign and domestic, and sellers more leverage in their pricing. Now is an excellent time to sell.

Nationwide, the sale of previously owned homes declined slightly in June (5.4% from the previous month), but are still 4.5% higher than in June 2011, with a seasonally adjusted rate of 4.37 million. These numbers were released by the National Association of Realtors in Washington at 10am this morning. Median home prices are up 7.9%, which is evidence of the reduction in inventory, and is excellent news for sellers. Further, average rates for 30 year fixed mortgages fell again this week to record lows, reaching 3.53%, creating additional incentive for buyers to enter the recovering housing market. Rental prices are increasing, creating the optimal environment for buyers who are looking to invest, whether first time, or second home buyers. Chief economist for the National Association of Realtors said today that “Despite the frictions related to obtaining mortgages, buyer interest remains solid. But inventory continues to shrink and that is limiting buying opportunities. This, in turn, is pushing up home prices in many markets. The price improvement also results from fewer distressed homes in the sales mix.” If you are interested in selling your Fort Lauderdale home or condominium, please contact me directly.