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Florida Housing Market Continues Upswing in September

Florida's housing market was hot to end the summer, according to housing data released by ""Florida Realtors"":http://media.floridarealtors.org/.

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As national home sales and prices ""showed mixed results"":https://themreport.com/articles/sep-home-sales-slip-prices-up-yr-yr-2012-10-19 for September, Florida's market posted higher sales, higher pending sales, higher median prices, and a slightly down inventory for the month.

Statewide closed sales of existing single-family homes totaled 15,643 in September, up 2 percent year-over-year. Meanwhile, pending sales rose 40.1 percent in the same period to 21,368.

The statewide median sales price for single-family homes was $145,000 in September, up 7.4 percent from a year ago.

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""Florida's real estate market is no longer in recovery mode-stability and growth gain solid footing,"" said Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st and 2012 president of Florida Realtors. ""Realtors across the state are reporting consistent increases in home sales and median prices, and multiple offers from buyers isn't unusual.""

In fact, Greene said, increasing buyer demand is creating inventory shortages in some local markets, putting more upward pressure on prices. Inventory on single-family homes stood at a 5.2 months' supply, slightly down from the 5.5 months that makes up a balanced market.

""For sellers who may have been reluctant to enter the market, it's now time to reconsider. Conditions are turning to a seller's market,"" Green said.

Dr. John Tuccillo, chief economist for Florida Realtors, said the market shift should spur buyers to action, as well.

""The onward march of Florida's housing market continues,"" Tuccillo said. ""Inventories have now tilted to the point where we truly have a sellers' market forming. Prices are up smartly and have been for quite a while. It's getting to the point where Florida is the place to buy, but it may soon move out of reach for many households.""

Meanwhile, sales of townhomes-condos fell slightly year-over-year, coming in at 7,329 (-2.9 percent). Pending sales increased, however, rising 30.6 percent to 9,965. The statewide median price for townhouse-condo properties was $105,736, an increase of 18.8 percent over September 2011.

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