The Sunshine State's housing market looked a bit brighter in January thanks to inventory stabilization and higher median prices, according to data released by Florida Realtors.
Closed sales of single-family homes in Florida came to 16,087 in January, a 10% increase year-over-year, Florida Realtors reported Monday. Listings also rose from January 2014 for both single-family homes and townhouses-condos, by 7.9% and 1%, respectively. Sales of townhouses and condos did fall, however, 1.7% from the year-ago figure to 7,294 units.
"Many homeowners who have been on the sidelines are now ready to list their properties for sale," said Andrew Barbar, president of Florida Realtors and a broker with Keller Williams Realty Services in Boca Raton in a press release accompanying the data.
Barbar also said that price gains have helped grow home equity, which helped generate interest in selling when coupled with low interest rates.
The median sales price for an existing single-family home rose 7.4% year-over-year to $175,000, the organization said. Median townhouse and condo prices also climbed, this time by an annual 5.4% to $137,000. January became the 38th consecutive month in which median sales prices increased for both single-family homes and townhouses-condos, Barbar said.
Short sales, meanwhile, decreased substantially from 2014, falling 57.9% for condo-townhouse units and 39.4% for single-family homes.
Looking at inventories, the housing market started to show some strain, showing the need for properties in the less-than-$250,000 segment, the association's chief economist John Tuccillo said in the press release. Single-family home inventory stood at a 5.3-month supply whereas the supply came to 6.2 months for townhouses and condos.
Tuccillo stressed the best option for families with a moderate income remained to be construction.
