ORLANDO, Fla. – April 22, 2013 – In March, Florida’s housing market reported increased closed sales, more pending sales, higher median prices and a reduced inventory of homes for sale, according to the latest housing data released by Florida Realtors®.

“Florida’s housing market continues to demonstrate its recovery – March marks the 15th consecutive month that the statewide median sales prices for both single-family homes and for townhouse-condo properties rose year-over-year, according to Florida Realtors’ data,” said 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “The median price is up more than 15 percent for both single-family homes and for townhouse-condos.

“Meanwhile, buyer demand is increasing, but supply continues to be constrained in many areas. In March, the median days on market (the midpoint of the number of days it took for a property to sell that month) was 57 days for single-family homes and 61 days for townhouses and condos. That means 50 percent of homes on the market in Florida sell in two months or less.”

Statewide closed sales of existing single-family homes totaled 19,631 in March, up 9 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes last month rose 23.4 percent over the previous March. The statewide median sales price for single-family existing homes last month was $160,000, up 15.2 percent from the previous year.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in February 2013 was $173,800, up 11.3 percent from the previous year. In California, the statewide median sales price for single-family existing homes in February was $333,880; in Massachusetts, it was $278,000; in Maryland, it was $224,048; and in New York, it was $220,000.

The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 9,957 units sold statewide last month, up 1.1 percent compared to March 2012. Meanwhile, pending sales for townhouse-condos last month increased 10.6 percent compared to the year-ago figure. The statewide median for townhouse-condo properties was $120,000, up 15.9 percent over the previous year. NAR reported that the national median existing condo price in February 2013 was $172,500.

The inventory for single-family homes stood at a 5.3-months’ supply in March; inventory for townhouse-condos was at a 5.8-months’ supply, according to Florida Realtors.

“We continue to be encouraged by the depth and breadth of the housing recovery,” said Florida Realtors Chief Economist Dr. John Tuccillo. “State numbers are up in virtually all important categories and down where they should be down. Even with the difficulty of access to financing for households, we still see the growth in the market continuing for at least the next 18 months.

“Inventory remains an issue, but this is fast becoming a sellers’ market and as sellers realize this, we expect inventories to rise as we approach the last quarter of 2103. Over the long term, we need to correct the imbalance between investors and owner-occupier households that has developed because of financing issues if the market is to prosper for a long time.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.57 percent in March 2013, down from the 3.95 percent average during the same month a year earlier.

To see the full statewide housing activity report, go to Florida Realtors website and click on the Research page; then look under Latest Housing Data, Statewide Residential Activity and get the March reports. Or go to Florida Realtors Media Center  and download the March 2013 data report PDFs under Market Data.

© 2013 Florida Realtors®

 

TALLAHASSEE, Fla. – April 16, 2013 – Florida Insurance Commissioner Kevin McCarty encourages Floridians to prepare for the upcoming 2013 hurricane season by purchasing flood insurance now. Most flood insurance policies – with a few exceptions – don’t take effect for 30 days.

The National Flood Insurance Program (NFIP) administers the coverage rather than local insurers, and private policies – if available – generally cost significantly more. Homeowners’ policies generally cover water damage from wind and storms, but they don’t cover rising water in a flood, even though it’s the nation’s most common natural disaster.

McCarty cites another reason to buy flood insurance sooner rather than later: NFIP policy rates are set to rise on Oct. 1, 2013. McCarty calls the increase “significant.”

“Florida’s risk for severe weather is well-known and, even though a hurricane has not impacted our state in recent years, several tropical storms have caused significant flood damage to many Floridians,” says McCarty. “Regardless of the storm type, I strongly urge Floridians to prepare now and purchase flood insurance by May 1, as a typical flood insurance policy takes 30 days to become effective. This will ensure you are covered on June 1, the first day of hurricane season.”

Florida consumers can purchase flood insurance from NFIP for up to $250,000 for property damage and $100,000 for personal contents. Excess flood insurance can be purchased for homes valued at more than $250,000. NFIP coverage is also available for commercial structures at $500,000 for building coverage and $500,000 for contents coverage. Check with an insurance agent for more information about access to the NFIP.

In July 2012, the U.S. Congress passed the Flood Insurance Reform Act of 2012 extending the NFIP through Sept. 30, 2017. Key provisions of this legislation will be implemented over time and include raising premium rates to reflect the actual flood risk of the program, phasing out subsidies on properties with repetitive losses, allowing coverage availability for multifamily properties and minimum deductibles for flood claims, etc.

To learn more, visit the new Hurricane Resource website page hosted by the Florida Insurance Commission.

For more info on the National Flood Insurance Program, visit the federal website FloodSmart.gov.

© 2013 Florida Realtors®

 

WASHINGTON – March 1, 2013 – Average U.S. rates on fixed mortgages moved closer to historic lows this week, a trend that has helped drive a rebound in home sales.
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year fixed mortgage declined to 3.51 percent from 3.56 percent last week. That’s near the 3.31 percent rate reached in November, the lowest on records dating to 1971.

The average rate on the 15-year fixed mortgage slipped to 2.76 percent from 2.77 last week. The record low is 2.63 percent.

The lowest mortgage rates in decades have helped the housing market recover. More people are buying homes, which has pushed up home prices. And ultra-low rates have encouraged more people to refinance. That often lowers monthly mortgage payments and leaves consumers with more spending money.

A measure of the number of Americans who signed contracts to buy homes rose in January from December to the highest level in more than 2 1/2 years, the National Association of Realtors reported Wednesday. The increase suggests that sales of previously occupied homes will continue rising in the coming months.

New-home sales jumped 16 percent last month from December to the highest level since July 2008, the Commerce Department said Tuesday. Home prices, meanwhile, rose by the most in more than six years in the 12 months ending in December.

Still, some people are unable to take advantage of the low mortgage rates, either because they can’t qualify for stricter lending rules or they lack the money for larger downpayment requirements.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for 30-year mortgages was unchanged at 0.8 point. The fee for 15-year loans also remained at 0.8 point.

The average rate on a one-year adjustable-rate mortgage ticked down to 2.64 percent from 2.65 percent last week. The fee for one-year adjustable-rate loans was steady at 0.4 point.

The average rate on a five-year adjustable-rate mortgage fell to 2.61 percent from 2.64 percent. The fee rose to 0.6 point from 0.5.
 Copyright © 2013 The Associated Press, Marcy Gordon, AP business writer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Wouldn’t it be great if you could push a button at night, and all of your doors would lock, your lights would turn off, and your alarm would set automatically?

That kind of “smart home” feature may sound futuristic or simply beyond reach for those without a lot of money or technical expertise. But the technology is already available and new products and services are making it and similar home automation features increasingly accessible to the average homeowner.

“It appears that we may be at a turning point,” said Chet Geschickter, an analyst with Gartner, a market research group. “We may have all the raw materials for this interoperable home automation world.”

In recent months, some major corporations have announced new products and services that could help turn the smart home into a mass market activity. Among the developments:

AT&T announced it will be rolling out its home automation initiative in March and plans to offer the service in 58 markets nationwide by the end of the year. The service will offer connected door locks, thermostats and video cameras as well as basic security protection. Unlike a similar service offered by Comcast, AT&T’s will be sold separately from the company’s broadband offerings.

Lowe’s introduced a collection of add-on services for its Iris home automation kits, which it unveiled last summer. Among the new features are sensors designed to help consumers monitor their elderly parents, an automated pet door that users can lock or unlock remotely, and a lawn moisture sensor that notifies customers when their yards are getting dry and allows them to turn on their sprinkler system remotely.

ADT, the home security giant, added the ability to remotely lock and unlock doors to its Pulse home automation offering. The company already allowed users to adjust their lighting and thermostat and view security video of their home remotely.

Home appliance maker LG showed off a new washer and dryer set that users can start remotely with their smartphones.

The promise of widely available home automation has been around since “The Jetsons” aired 50 years ago. But until recently, smart home systems have been pricey and complex, typically requiring professional installation. And few consumers have been aware of the availability of such services or haven’t been convinced that they needed them.

But in recent years, major consumer service providers – including ADT, Comcast and Vivint – have entered the market, helping promote the concept of home automation and make it more accessible to average consumers. Companies such as Comcast and Vivint now offer basic home automation systems for less than $500 installed. And Lowe’s Iris, which is available for about $300 for a full system, is designed for self-installation.

“We definitely see that (home automation) is moving increasingly into the mainstream,” said Jonathan Collins, an analyst with ABI Research.

Helping drive the decline in price and ease of use are standardized wireless technologies such as ZigBee and Z-Wave that allow users to install light controllers and automated door locks without needing to rewire their house. Such technologies have allowed electronics manufacturers to design more modular and expandable systems, letting users and service providers customize systems for individual needs and budgets.

The spread of broadband, cloud computing and smartphones have also provided new and compelling ways for consumers to interact with home automation systems, say analysts. For example, smart home services can take the smartphone’s location information and use it as a trigger for doing things like turning on lights or sending alerts.

“Without a smartphone, (the smart home) wasn’t really an exciting value proposition,” said Lisa Arrowsmith, a research manager at IHS Electronics and Media.

And new features are making such systems more attractive to consumers, analysts and industry insiders say. Video monitoring, for example, has proved particularly popular among ADT’s customers. And the growing awareness around energy conservation is driving the adoption of smart thermostats that can adjust temperatures when consumers are away or in response to signals from utility companies seeking to reduce peak demand.

To be sure, home automation still isn’t for everyone. While less expensive and easier to install than before, they still aren’t cheap, and many consumers may still need help configuring them.

The smart home services offered by ADT, Comcast and other providers typically are sold only with other services, such as security protection or broadband access. And they generally require users to sign long-term contracts that can include pricey monthly subscription fees.

Also, many smart home technologies and devices are incompatible with one another. So consumers who want to add on to their systems or change their service providers may find they have limited options — unless they want to start from scratch.

“There still are some questions that need be to be answered around this market,” Arrowsmith said. “I don’t think we’re going to wake up tomorrow and everyone’s got one, but we are seeing decent growth rates.”

© 2013 San Jose Mercury News (San Jose, Calif.) Distributed by MCT Information Services.