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Fla.'s Housing Market in April Reflects Impact of Coronavirus, Economic Turmoil

ORLANDO, Fla., May 21, 2020 /PRNewswire/ -- In April, economic turmoil caused by the coronavirus pandemic, resulting business shutdowns and subsequent rising unemployment rates impacted Florida's housing market. The latest housing data from Florida RealtorsA®A reported lower levels of closed sales, pending sales, new listings and other metrics compared to a year ago a?? except for median sale price, which rose compared to April 2019.
Fla.'s Housing Market in April Reflects Impact of Coronavirus, Economic Turmoil
"The impact of COVID-19 on Florida, the U.S. and throughout the world was fully realized in April,"A saidA 2020 Florida Realtors President Barry Grooms, a Realtor and co-owner ofA Florida Suncoast Real Estate Inc.A in Bradenton. "Many businesses shut down as people sheltered in-place to protect themselves and their loved ones, following the governor's stay-at-home order and recommended health practices. Job losses rose and unemployment claims overtaxed the state's system. It's no surprise that many buyers and sellers put their plans on hold for now, because of the pandemic and the current economy."As Florida continues to reopen businesses and activities in phases, we continue to follow social distancing and health guidelines to protect ourselves and our communities. People still need a place to call home, and Realtors in every community stand ready to help buyers and sellers who need support and guidance in these uncertain times." Last month's closed sales of single-family homes statewide dropped 20.7% year-over-year, totaling 21,403 while condo-townhouse sales declined 36.5%, for a total of 7,506. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
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