Florida's housing market showing new strength in latest report from group Florida Realtors

6:01 PM, Jul 23, 2012   |    comments
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Tallahassee, Florida - Every housing market indicator is up in Florida, according to the latest report from the group Florida Realtors.

In June, existing home sales were up 5.3 percent compared to a year ago and the median price jumped eight percent to $151,000.

John Sebree of Florida Realtors says one of the most important developments is the number of pending home sales. They're up 31 percent from last year, which means more people are finally jumping into the housing market.

The big backlog of inventory from foreclosures across Florida is also clearing out. Sebree says Florida has a six-month inventory of homes - the lowest it's been in years.

"There were times a couple of years ago where we had years of inventory on the market, and in some markets, there were ten years of inventory. Many condos and existing single-family homes and now statewide that inventory is down to six months, which means if someone's looking for a house, they may have a little trouble finding the one they want."

Sebree says fewer foreclosures and short sales on the market push housing prices up and add stability to a recovering market.

"I think it shows that people feel a little bit better about the housing market, jobs are coming back, there's stability, they see the foreclosures and short sales have started to empty out and we don't see as many of those."

Sales of condos and townhomes are up 1.5 percent, while the median price has risen to $110,000. That's up 16 percent from a year ago.

Interest rates are also very low. The average 30-year fixed mortgage is 3.68 percent. A year ago that rate was 4.51 percent.

Dave Heller

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