Florida Home Sales Increase, Prices Continue to Climb

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Florida's housing market recorded a jump in home sales in January as higher prices improve home equity across the state, according to the latest report from Florida Realtors. 

A total of 15,000 single-family homes were sold in January, increasing 10.2 percent from a year ago. 

"Price increases are continuing to improve home equity in areas across the state, and combined with still-low interest rates, it's creating a great opportunity for sellers," Florida Realtors president Sherri Meadows, said in the report. "We're seeing homeowners ready to take that next step and list their properties for sale."

Statewide, new listings for single-family homes increased 13.8 percent year-over-year in January, while new townhouse-condo listings grew by 7.4 percent.

Florida's housing market started the new year marking the 26th consecutive month of year-over-year increases in statewide median sales price for all property types. 

The statewide median sales price for single-family existing homes in January was $162,500, up 12.1 percent from the previous year, according to the data. The statewide median price for townhouse-condo properties in January was $131,000, 17 percent higher than the figure recorded in January 2013. 

A report from the National Association of Realtors today showed the national median existing-home price in January was $188,900, increasing 10.7 percent from last year. 

Looking at Florida's townhome-condo market alone, statewide sales totaled 7,377 in January, up 9.3 percent from a year ago. 

Florida had the highest foreclosure rate nationwide in 2013 and the trend continued in January. However, traditional home sales in January -- not short sales or foreclosure -- increased 20.4 percent for single-family and 16.9 percent for condo-townhomes. 

"The figures released this month are characteristic of a market that has reached balance," said Florida Realtors chief economist Dr. John Tuccillo. "While sales and prices continue to rise, the most striking characteristic of the market is the stability of inventory as measured in months. It appears that the rate at which properties are coming on the market is closely matched by sales. In addition, rising prices have cut down on the availability of short sales and these have been dropping consistently."