Florida Enjoys 25 Months of Home Price Gains

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Florida's housing market continued a stabilization of its housing inventory, with home prices increasing for the 25th consecutive month, according to Florida Realtors.  

The statewide median sales price for single-family existing homes was $172,630 in December, increasing 11.4 percent from the previous year. For condominiums and townhouses, the median price was $137,500, increasing 17 percent year-over-year. December marked more than two years of consecutive gains in median sales prices for all property types. 

"Florida's housing market continues to demonstrate its recovery," Florida Realtors president Sherri Meadows said in the report. "The rising prices, along with the renewed strength of the state's housing market, are encouraging more homeowners to list their properties for sale."

A report from the National Association of Realtors yesterday showed the national median sales price for existing single-family homes in December was $198,000, after increasing 9.9 percent from the previous year. For all of 2013, the nation's median price reached $197,000, increasing 11.5 percent from 2012. 

According to the data from Florida Realtors, new listings for single-family homes across the state increased 23.8 percent in December, while new townhouse-condo listings increased 8.1 percent.

A total of 19,497 single-family homes were sold last month, increasing 8.6 percent over the December 2012 figure. Florida's townhouse-condo market witnessed a slight drop in sales, dropping 2.5 percent year-over-year to 8,364 in December.

Florida has long battled with distressed home sales. However, in December traditional sales increased 23.3 percent for single-family homes and six percent for townhouse-condo properties. 

"Florida's market is exhibiting all the signs of the annual holiday lull," Florida Realtors chief economist Dr. John Tuccillo said in the report. "Three continuing trends to note, however, are rising inventories, declining cash sales and the lessening presence of distressed property sales."

The first two trends indicate reduced investor activity and a return to a more normal market, while the last is a product of rising values that have increased market sales relative to short sales and foreclosures, Mr. Tuccillo said. 

December's housing inventory in Florida was at a 5.5-months' supply for single-family homes and at a 5.8-months' supply for townhouse-condo properties, according to Florida Realtors.