Single-family home sales in Florida increased 9% in March over the same month last year while pending sales increased 23%, according to data from Florida Realtors.
Dean Asher, president of Florida Realtors, said demand for homes is increasing, but inventory continues to be constrained in many parts of the state. Right now, 50% of the homes listed are selling in two months or less.
There were 19,631 closed home sales in March, with the median statewide price being $160,000; that was up 15% over March 2012. In February
Townhouse and condominium sales for March totaled 9,957, up 1.1% over March 2012, but pending sales increased nearly 11%.
Inventory of single-family homes is at 5.3 months, while for townhouses and condos, it is at 5.8 months.
“We continue to be encouraged by the depth and breadth of the housing recovery," said Florida Realtors chief economist John Tuccillo. "State numbers are up in virtually all important categories and down where they should be down. Even with the difficulty of access to financing for households, we still see the growth in the market continuing for at least the next 18 months.
"Inventory remains an issue, but this is fast becoming a sellers' market and as sellers realize this, we expect inventories to rise as we approach the last quarter of 2103. Over the long term, we need to correct the imbalance between investors and owner-occupier households that has developed because of financing issues if the market is to prosper for a long time."
