Florida Housing Market Beats Winter Chill

Florida?s housing market continued its upswing into the new year, according to the latest housing data released by Florida Realtors.

Statewide closed sales of existing single-family homes totaled 13,679 in January, up 11.7 percent year-over-year, the group reported. Meanwhile, pending sales?contracts signed but not yet completed or closed?for existing single-family homes rose 31 percent.

Prices also rose: The statewide median sales price for single-family existing homes in January was $145,000, up 12.4 percent over January 2012. In addition, sellers received an average of 92.2 percent of their original list price, according to Florida Realtors chief economist Dr. John Tuccillo, who added that he was ?particularly impressed with the rise in percentage of list price received by sellers.?

?This year started out strong for Florida?s housing market,? said Dean Asher, 2013 president of Florida Realtors. ?Home sales continue to rise, mortgage rates remain near historic lows and the inventory of for-sale homes is lower than it?s been in years.?

Asher added that the time it takes to sell a home is dropping; the median days a home spent on the market declined about 15 percent for both single-family homes and for townhome-condo properties.

However, he noted that ?overly restrictive credit requirements remain an obstacle for many potential buyers, who find it difficult to access affordable financing options.?

January was also sunny for the townhouse-condo market. According to Florida Realtors, a total of 6,670 units sold statewide, up 2 percent compared to January 2012. Pending sales for townhouse-condos increased 17 percent.

The statewide median price for townhouse-condo properties was $112,000, up 18 percent year-over-year.

According to Florida Realtors? data, January marked the 13th straight month that statewide median sales prices rose on a year-over-year basis for both single-family homes and townhouse-condo units.

The group also reported that the inventory for single-family homes stood at a 5.6 months? supply in January.

?This can encourage other potential sellers to come forward, thus easing the market?s inventory crunch,? Tuccillo noted. ?But, despite the progress of Florida?s housing market, it?s still being held back by the difficulty consumers have in accessing credit.?

Source: http://www.themreport.com/articles/florida-housing-market-beats-winter-chill-2013-02-21

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