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Fla.'s Housing Market in 2Q 2020 Reflects COVID-19 Impact Over April, May, June

ORLANDO, Fla., Aug. 12, 2020 /PRNewswire/ -- Florida's housing market reflected the impact of coronavirus pandemic and economic turmoil in the second quarter of 2020, particularly during April and May: higher median prices and more pending inventory, but fewer closed sales and fewer new listings compared to 2Q 2019,A according to the latest housing data from Florida RealtorsA®.
Fla.'s Housing Market in 2Q 2020 Reflects COVID-19 Impact Over April, May, June
Closed sales of single-family homes statewide totaled 68,675 in 2Q 2020, down 19.2% from the 2Q 2019 level; closed sales of condo-townhouse properties totaled 22,571, down 33.9% compared to 2Q 2019. Closed sales typically occur 30 to 90 days after sales contracts are written.Quarterly data figures normally offer a good look into prevailing economic and market trends, according toA Florida Realtors Chief Economist Dr. Brad O'Connor. "This year, however, has been a notable exception, with the state of the housing market shifting rapidly from week to week," he said.O'Connor added, "For example, we were only down a little over 4% year-over-year in new pending sales of single-family homes during the second quarter, but this masks the fact that we were down 35% (new pending single-family home sales) in April, only to see a phenomenal bounce-back recovery of 2.3% in May and over 23% in June.
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