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Florida home prices dip, but key metrics on the mend

Florida home prices and sales dipped in January from the previous month but showed some positive movement over year-ago figures, according to a statewide real estate association.

The January median single-family sales price of $129,000 was 4.8% below $135,500 in December, Florida Realtors reported.

Still, it was a 5.3% gain from year-ago figures with condo/townhomes surging 18.8% to $95,000 over January 2011 prices.

Sales of foreclosures continued to distort home prices, the trade association said.

Statewide sales of existing single-family homes totaled 12,044 in January, down 5.5% from the year earlier.

For 2011, sales of single-family residences increased 5.5% and inventory fell 33.8%. Prices for existing homes of all types, including condos and townhomes, increased 11.2% while inventory declinecd nearly 36%.

“Even though closed sales are down from a year ago, there are two really bright spots in Florida’s housing market,” said John Tuccillo, chief economist for the Florida Realtors. “One is a significant increase in pending sales. In fact, pending sales have been up every month since May. The barrier that stands between pending sales and closings is the difficulty consumers are experiencing in obtaining financing."

Single-family pending sales rose 37.5% to 22,519 last month from January 2011, according to data provided by Florida Realtors.

“The second positive is inventories, which are now at a point close to a balanced market,” Tuccillo said.

There is a 6.4-months supply of both single-family homes market and condos/townhomes in thh state. In January 2011, there was an 11-month supply of single-family homes in Florida.

pdang@housingwire.com

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