Florida housing market continues upswing
The Florida housing market posted an increase in home sales, higher median prices and more pending sales as well as shrinking inventory levels in January, according to Florida Realtors.
Statewide closed sales of existing single-family homes totaled 13,679, up 11.7% from last year.
Meanwhile, pending sales for existing single-family homes rose 31% compared to last year. The statewide median sales price for single-family existing homes in January was $145,000, up 12.4% from the previous year.
"This year started out strong for Florida's housing market," said 2013 Florida Realtors President Dean Asher. "Homes 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.
He added, "Plus, the time it takes for a home to sell is dropping; the median days a home is on the market declined about 15% for both single-family homes and for townhome-condo properties. However, overly restrictive credit requirements remain an obstacle for many potential buyers, who find it difficult to access affordable financing options."
This is the thirteenth month in a row that statewide median sales prices for both single-family homes and for townhouse-condo units increased year-over-year, according to the organization.