Florida Housing Market Sees Widespread Improvement in December

Florida's housing market continued on the course to recovery in December, according to the latest data released by ""Florida Realtors"":http://www.floridarealtors.org/.

[IMAGE]

Statewide closed sales of existing single-family homes totaled 18,031 in December, a 15.8 percent increase year-over-year, according to data from Florida Realtors' Industry Data and Analysis department.

Meanwhile, pending sales--contracts signed but not yet closed--for existing single-family homes rose 39.7 percent from December 2011.

At the same time, a total of 8,470 townhouse-condo units sold statewide in December, up 8.6 percent year-over-year. Pending sales for townhouse-condos increased 31.8 percent.

""Florida is an international destination: Owning a home here appeals to people of all ages from all over the world,"" said Dean Asher, 2013 Florida Realtors president and broker-owner at Don Asher & Associates Inc. ""Realtors from across the state are reporting increases in home sales and median prices. As a result of rising demand from investors and other buyers, there's a shortage of inventory in many markets, and it's putting pressure on prices.""

According to Florida Realtors' data, the statewide median sales price for single-family existing homes was $154,000 in December, up 14.1 percent on a yearly basis. The statewide median for townhouse-condo properties was $117,500, up 26.3 percent on a yearly basis.

December marks the 12th consecutive month of higher year-over-year statewide median sales prices for both single-family homes and townhouse-condo units, Florida Realtors said.

Meanwhile, the inventory for single-family homes stood at a 5.5 months' supply in December, while inventory for townhouse-condos was at a more balanced 6-months' supply.

""The market continues to improve, and it's doing so in all parts of the state,"" said Dr. John Tuccillo, chief economist for Florida Realtors. ""Of note is the fact that inventory levels are now clearly consistent with a sellers' market. When the final year-end statistics are compiled, expect that sales in 2012 will be more than 10 percent higher than they were in 2011. Once again, all the positive indicators are up significantly.""