Housing Market Continues to Rebound in Florida
Around the State
Florida’s real estate market continues to rebound, according to data unveiled by the Florida Realtors on Monday.
“We’re seeing double-digit gains in statewide closed sales, new listings, pending sales and higher median prices,” said Florida Realtors President Dean Asher, an Orlando-based Realtor. “And these increases are happening in both the single-family and the town home-condo markets. July marks the 19th consecutive month that we’ve seen the statewide single-family home median sales price increase year-over-year. Florida’s housing market is growing and that’s good news for our economy.”
Town house and condo sales are also increasing across Florida. In July 2013, 9,430 town houses and condos were sold, representing an increase of almost 17 percent from last July. Pending sales are also up for town houses and condos with a 20.7 percent increase last month, when compared to July 2012. While the average town house or condo in Florida sold for $128,000 last month, an increase of almost 22 percent from July 2012, this is still far below the national average of $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 John Tuccillo, the chief economist of the Florida Realtors. “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.”
Last month, there was a five months supply on single-family homes and a 5.2 months supply of town houses and condos across Florida.
Reach Kevin Derby at email@example.com.