Home prices have risen in Florida for 29 consecutive months as of April, according to Florida Realtors [1]. At the same time, new listings and inventory are on the rise.
The median sales price for an existing single-family home rose 6.1 percent year-over-year in April to $175,000. The median price for townhomes and condos rose 9.8 percent year-over-year to $140,500 in April, according to Florida Realtors.
This compares to an existing single-family median price of $198,000 at the national level and an existing condo-townhome median price of $200,800 nationally.
Inventory in Florida is reaching normal levels as the single-family market holds a 5.7 months' supply as of April and the townhome-condo market holds a 6-month supply.
"We continue to see the development of a sustainable market here in Florida," said John Tuccillo, chief economist for Florida Realtors [2], adding, "The numbers all suggest a balanced market."
"If there’s anything that jumps out of these numbers, it is the rapidly disappearing short sale market," Tuccillo noted.
"The decline in short sales—a characteristic seen all over the country—is a function of rising prices reducing the number of candidate properties for short sales."
Single-family home short sales plummeted 51.5 percent year-over-year in April, while short sales fell an even greater 57.9 percent in the condo-townhome market.
"We expect this will continue as the market continues to improve," Tuccillo said.
Rising prices are also a factor in the increased listings in April, according to Sherri Meadows, president of Florida Realtors. April's increase in new listings reflects that "many Florida homeowners are continuing to regain equity in their homes."
Single-family home sales were up 4.1 percent over the year in April for a total of 21,385 sales.
On the other hand, sales of condos and townhomes declined 5.1 percent over the year for a total of 10,766.