August home sales in Florida rose 10.8% over year ago levels with 18,669 homes sold last month, according to Florida Realtors.
That figure represents all closed sales, which are generally linked to contracts signed 30 to 90 days before the closing.
Pending sales, or signed contracts that have yet to close, also increased 40.2% over year ago levels in August.
The median sales price for a Florida home edged up nearly 6% from year ago levels, reaching $147,000.
While that’s a significant improvement from last year, it’s still well under the national median sales price of $188,100.
John Tuccillo, chief economist for Florida Realtors, says the state’s “housing market is still reviving.”
Inventory levels in Florida are dwindling with the state’s supply now sitting at just 5.3 months.
“We’re hurting for inventory, but it’s possible that the improving conditions will lure more sellers into the market and mitigate the housing inventory crunch,” said Tuccillo.
Florida is regularly cited as one of the sand states that is improving dramatically after experiencing extreme price drops and foreclosure activity in the wake of the subprime meltdown.
FDIC data shows Florida’s unemployment rate falling to 8.6% in the second quarter, down from 9.3% in the first quarter.
Single-family home building permits also are up about 27% from year ago levels.
