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Is a Housing Recovery Under Way in the Sunshine State?

After seeing some of the worst of the housing crash, Florida is continuing its steady bounce back, ""Florida Realtors"":http://www.floridarealtors.org/ reported Wednesday.

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According to the group, the Sunshine State saw increases in pending sales, closed sales, and median prices in July, while inventory of homes and condos for sale dropped.

""Florida's real estate recovery is on solid ground,"" said Summer Greene, 2012 Florida Realtors president. ""Since May 2011, pending home sales have increased every month for both existing single-family homes and for townhome-condo properties. In July, pending sales were up more

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than 42 percent for existing single-family homes and 26 percent for townhouse-condo units compared to a year ago.""

Closed sales of existing single-family homes in the state totaled 17,420 in July, a 9.8 percent year-over-year increase.

The statewide median sales price for single-family homes was $148,000, up 7.8 percent year-over-year. According to the National Association of Realtors, the national median sales price for existing single-family homes in July was $187,300.

A total of 7,779 townhome-condo properties sold statewide during the month, up 2.8 percent from those sold in July 2011. The statewide median price for townhome-condo properties was $102,000, up 10.9 percent over the previous year.

Months supply for single-family homes stood at 5.3, while months supply for townhome-condo properties was 5.4. In July, the months supply for each type of property was nearly nine months.

""We really need to recognize that over the past year, we have seen a market reversal from a clear buyers' market to a neutral market to one that is verging on a sellers' market,"" said Dr. John Tuccillo, chief economist for Florida Realtors. ""This is a precursor to price growth. Our [multiple listing service] numbers confirm this in that both median and average prices been trending up.""

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