As the number of distressed property listings declines in Florida, the housing market took a turn toward normalcy with several positive indicators in February, according to Florida Realtors.
Home prices are rising; inventory is stabilizing; and the number of properties listed for sale is increasing, according to the latest data from Florida Realtors.
“The majority of results for the residential market paint a picture of a normal growing market,” said John Tuccillo, chief economist for the group.
Florida’s median price for a single-family existing home rose 10 percent year-over-year in February to $165,000. The median price for a townhouse or condo rose an even higher 15.2 percent over the same time period, reaching $132,500. February marks the 27th month of year-over-year home price gains for both single-family and townhome-condo homes in the state.
The Florida market holds a 5.7-month supply of single-family homes and a 6.1-month supply of townhomes and condos.
The number of new single-family homes listed for sale in February was up 11.6 percent from last year, while the number of new townhomes and condos was up 4.2 percent over the year.
Home sales are also looking up in the Sunshine State with single-family home sales 1.5 percent above their year-ago level, according to Florida Realtors.
While sales for condos and townhomes were down 6.8 percent over the year in February, Tuccillo explained this seemingly negative indicator may actually point to a sign of healing in the market.
“The weaker results in sales for both single-family homes and townhouses and condos are solely the result of plummeting short sales,” he said, adding, “This is actually a good sign since short sales are falling because prices are rising, reducing the number of homes that fall into the potential short sales category.”
In fact, short sales of condos and town homes were down 59.6 percent in February, while short sales of single-family homes were down 51.9 percent.