Existing Homes Flat in June, Prices Increase

Sales of existing single-family homes in Leon county remained flat when compared to numbers sold in the same month one year ago. There were 365 single-family home resales in June 2017 and 366 resales in June 2018. Last month there were 349 existing single-family homes sold.

The average sales price in June 2018 increased 7.6% to $282,073 from $262,201 one year ago.

Annual trends show that single-family home sales increased to an annual rate of 3,168 in June, up from the 3,167 reported last month. The annual rate of sales is now 1.4% above the annual rate of 3,123 sales reported a year ago.

The National Association of Realtors reported that single-family home sales declined 0.6 percent to a seasonally adjusted annual rate of 4.76 million in June from 4.79 million in May, and are 2.3 percent below the 4.87 million sales pace a year ago. The median existing single-family home price was $279,300 in June, up 5.2 percent from June 2017.

Existing-home sales in the South decreased 2.2 percent to an annual rate of 2.25 million in June, but are still 0.4 percent higher than a year ago. The median price in the South was $237,500, up 2.7 percent from a year ago.

Lawrence Yun, NAR chief economist, says closings inched backwards in June and fell on an annual basis for the fourth straight month. “There continues to be a mismatch since the spring between the growing level of homebuyer demand in most of the country in relation to the actual pace of home sales, which are declining,” he said. “The root cause is without a doubt the severe housing shortage that is not releasing its grip on the nation’s housing market. What is for sale in most areas is going under contract very fast and in many cases, has multiple offers. This dynamic is keeping home price growth elevated, pricing out would-be buyers and ultimately slowing sales.”

The chart below shows the annual rate of single family sales in Leon county over the last 24 months.

The average price of homes sold over the last twelve months in Leon county was $250,175. This is 7.6% above the $234,933 sales price reported one year ago.

The average sales price chart below shows the 12-month and 3-month average sales price of single-family homes in Leon county over the last two years.

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