Changing Dynamics for Florida's Housing Market

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Florida's housing market is gaining strength, as the state enjoy another month of higher median prices for all housing types, according to the Florida Realtors. 

The statewide median sales price for single-family existing homes reached $169,000 in November, increasing 13.3 percent from last year. The median price for townhouse-condo properties was $131,299 in November, climbing 17.2 percent from last year.

"As Florida's economy gains strength, it signals new trends for the housing market," Florida Realtors president Dean Asher, said in the report. "In November, we marked 24 months - 2 years - of consecutive gains in statewide median sales prices, year-over-year, for both single-family homes and for townhouse-condo properties. With prices rising and many homeowners seeing renewed equity in their homes, we're seeing less distressed sales."

By comparison, yesterday the National Association of Realtors reported the existing-home median price for all types was $196,300 in November. Earlier this week, CoreLogic reported 791,000 more homes returned to positive equity during the third quarter. 

Florida sales of existing single-family homes dropped 1.2 percent in November to 16,620, compared to last year. Sales of condos and townhomes last month totaled 7,576, down 7.1 percent compared to last year. 

Traditional sales in Florida increased 10.9 percent for single-family homes and 2.8 percent for condo-townhome properties in November, with the state recording fewer short sales and cash-only sales. 

"November's data reflects changes in the dynamics of Florida's housing market," Florida Realtors chief economist Dr. John Tuccillo, said in the report. "This suggests that the investor presence, which had been so strong in the market, may be diminishing. It signals a continued return to what we would consider a more traditional market."

Earlier this month, economists at the 2014 Florida Realtors' summit said Florida's housing market is expected to keep growing in 2014.

However, the there are still some obstacles for the state. Pinellas County, located on the West coast of the state, reported another month of home sales decreases. The state also suffers from foreclosures -- it still maintains the nation's highest foreclosure rate, with one in every 392 Florida homes with a foreclosure filing, according to RealtyTrac.