Florida was on of the state hit hardest during the housing crisis, and according to the latest CoreLogic Foreclosure Report completed the most foreclosures in the month of October, but how does the latest existing home sales data for the sunshine state compare to national rates?
Nationally, existing homes sold at an annual pace of 5.61 million in November, the highest rate since they sold at a 5.79 million clip in February 2007. November’s pace was also an increase of more than 15 percent from the previous November, when existing homes sold at an annual rate of 4.86 million.
Further, distressed sales including foreclosures and short sales rose to 6 percent in November from the month prior, but this was still a decrease from 9 percent a year ago. Additionally, NAR found that foreclosures sold for an average discount of 17 percent below market value in November, while short sales were discounted 16 percent.
In comparison, November was a busy month for Florida's housing market, with more sales, more new listings, rising median prices and fewer all-cash transactions, according to the latest housing data released by Florida Realtors. Single-family home sales totaled 19,763, up 12.8 percent from November 2015.
Likewise, foreclosures and short sales in Florida declined by 40.2 percent and 33.2 percent, respectively. The median sales price for foreclosure/REO properties grew 8.5 percent from $129,000 in November 2015 to $140,000 in November of 2016. Similarly, the median sale price for short sales grew year-over-year by 10.7 percent, from $150,00 to $166,000.
"November's data showed some nice gains," said Florida Realtors Chief Economist Brad O'Connor. "One possible contributor to the uptick in sales is the end of the election season. It's not uncommon for prospective buyers of second-homes or investment properties to wait for the election results to come in before pulling the trigger on a late-year home purchase – and this is particularly the case in presidential election years.