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Florida Housing Resists First-Quarter Freeze

FloridaWhile this year’s first quarter was a chilly one for much of the country, the same can’t be said for Florida, where temperatures—and housing market conditions—remained fair.

“The first three months of 2014 show a strong housing market in Florida, with diminishing distressed property sales,” said Sherri Meadows, 2014 Florida Realtors [1] president. “More jobs are being created, putting more Florida residents back to work, and our population continues to increase. All of these factors are bolstering the state’s economy and providing a solid foundation for a strong housing market.”

True to its name, the Sunshine State saw home sales continue to warm throughout the first few months of 2014, coming to a total of 50,251, up 2.3 percent over the same time last year.

Sales were helped in part by a recovery in single-family inventory levels, which were up 12 percent from Q1 2013, according to Meadows. With the boost, single-family months’ supply came to 5.7, just under the six month level experts largely regard as a balancing point between buyers and sellers.

Meanwhile, the statewide median sales price for single-family existing homes was $168,000, an increase of 9.1 percent year-over-year. Sellers—whether in the single-family or townhouse market—received on average more than 92 percent of their original listing price, Meadows said.