The housing market showed improvement in March compared to one year ago, both locally and statewide, according to the latest industry reports. There were higher median prices and more closed sales in March.
The Daytona Beach Area Association of Realtors reported that there were 358 closed sales in March 2014, compared to 330 in March 2013, an increase of 8.5%. There were 303 closed sales in February and 268 in January.
The median sales price in the Daytona Beach area for March was $159,900, compared to $145,000 in March 2013, an increase of 10.3%. The median is the midpoint, meaning that half the homes sold for more, and half for less.
The time that houses spent on the market dropped in the Daytona Beach area. In March, the average was 74 days, compared to 83 days in March 2013, or a decrease of 10.8%.
The statewide median sales price for single-family, existing homes in March was $173,000, up 7.1% from the previous year, according to Florida Realtors.
Closed sales of single-family homes statewide totaled 20,081 last month, up 2.85% over the March 2013 figure.
According to Freddie Mac, the interest rate for a 30-year, fixed-rate mortgage averaged 4.34% in March 2014, up from the 3.57% average recorded during the same month a year earlier.
To see the full statewide housing activity reports, visit media.floridarealtors.org.