The Sun Shines on Florida Housing

Sales of single-family existing homes in Florida totaled 25,518 in May, a 4.5 percent year-over-year increase, according to new data from Florida Realtors, while the statewide median sales price for single-family existing homes was $221,050, up 10.5 percent from the previous year.

The Sunshine State’s townhouse-condo market, however, was somewhat less vibrant: statewide closed sales totaled 10,455 last month, a scant 0.1 percent increase from May 2015. But there was good news in this admittedly anemic figure: short sales for townhouse-condo properties fell a significant 40.4 percent from May 2015.

As for inventory, there was at a 4.4-months' supply for single-family homes and a 6.1-months' supply for townhouse-condo properties in May.

"Florida's housing market is growing at a more moderate pace," said 2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. "New listings for existing single-family homes rose 5.8 percent compared to a year ago, while new listings for townhouse-condo properties rose 4.3 percent. While tight housing supply is having an impact in many areas, still-low mortgage rates, increased jobs and economic growth will continue to boost housing demand."