Single Family Home Sales by Affordability and Owner Occupant Status, 2000-2017
In 2000, the most common type of home sale in Florida was the purchase of a relatively affordable house by an owner occupant. Nearly 2/3 of single family homes sold for $141,000 or less that year, the equivalent of $200,000 in 2017 dollars. More than 2/3 of affordable sales were to owner occupants.
The graph shows the number of single family home sales each year. “Affordable” sales are those with a price of $200,000 or less in 2017 dollars. Homes with a homestead tax exemption in the year after the sale are considered to be owner occupied.
Affordable sales to owners began to fall as the housing market heated up in the early to mid-2000s, while affordable sales to investors and second home buyers increased. Even more striking was the growth in unaffordable home sales. In 2000, 87,175 homes sold for more than $200,000 in 2017 dollars; in 2005, 341,121 homes sold at these prices.
As prices peaked in 2006, the number of affordable sales dropped dramatically. Then, sales of all types dropped from their peak numbers. Sales began to rise again in 2012, but most of that growth has consisted of unaffordable sales. As a result, the most common outcome is now an unaffordable home sale to an owner. Investor sales remain stronger than their pre-boom levels.
Use the graph to view home sales affordability in your county and to change the affordable home price threshold.