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Increased Inventory and Prices Help Florida Housing Market

Florida's housing market experienced higher median prices, more new listings, and fewer days on the market in February, according to the latest housing data released by Florida Realtors [1].

A stable inventory helped closed sales reach a statewide total of 15,826, a 1.5 percent increase from the previous year.

"With a diminishing number of distressed properties listed for sale, the return of more traditional housing market conditions continues to spark sellers' interest," said Florida Realtors President Sherri Meadows. "Statewide, new listings for single-family homes in February rose 11.6 percent year-over-year, while new townhouse-condo listings rose 4.2 percent."

The median sales price in Florida for single-family existing homes last month was $165,000, up ten percent from February, 2013, according to data from the Florida Realtors Industry Data and Analysis department.

According to the National Association of Realtors [2], the median sales price in January was $188,900, higher than Florida's median sales price.

"The majority of results for the residential market paint a picture of a normal growing market," said Florida Realtors Chief Economist Dr. John Tuccillo. "The weaker results in sales for both single-family homes and townhouses and condos are solely the result of plummeting short sales. This is actually a good sign since short sales are falling because prices are rising, reducing the number of homes that fall into the potential short sales category."

Inventory was at a 5.7-months' supply in February for single-family homes, and had a 6.1-months' supply of townhouse-condo properties, according to Florida Realtors.