“The latest housing data from the Florida Association of Realtors has revealed that the Sunshine State’s housing market is now in recovery mode – despite the fact the state suffered massive foreclosure losses over the last 6 years.
Florida is not only witnessing double-digit gains in statewide home sales, new listings, pending sales and higher median prices in both the single-family and the townhouse/condo markets, but the single-family home median sales price has increased for the 19th consecutive month.
Data of the report found that in July:
- Closings of single family home sales increased by 20.9% over the last year, to 21,238.
- Pending single-family home sales rose 25.9% over the last year.
- Median single family home prices surged by 18.7%, to 177,500 on a year-over-year basis.
- With an increased median price of $128,000, 9,430 townhouse-condos were sold in July, a 16.8% increase from Q2 2012, while pending sales for townhouse-condos last month increased 20.7%.
- A recent National Association of Realtors report found that the national median price for existing condo prices surged in the last year and is now $209,600.
“Once again, the market is continuing its steady improvement. There are, however, some straws in the wind that would suggest that the inventory crunch may be easing,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Specifically, new listings have been up, year over year, for all of 2013. This suggests that sellers are more eager to place their homes on the market. In addition, the months’ supply of inventory numbers have remained fairly static for the past three months, suggesting we may be reaching the bottom of the inventory decline.””