More good news has surfaced in the housing market, this time in Florida. According to Florida Realtors, the housing market reported higher median prices, more new listings, and a stable level of inventory in March. Closed sales of single-family homes statewide totaled 20,081 last month, up 2.8 percent from March last year.
For 28 months in a row, statewide median sales prices rose every year for single-family homes and condos. Florida Realtor's president Sherri Meadows said, "Realtors across Florida are reporting fewer short sales of distressed properties and more interest from potential home sellers as they observe the return of more traditional market conditions. Statewide, new listings for single-family homes in March rose 16.5 percent year-over-year, while new townhouse-condo listings rose 10.3 percent."
The statewide median sales price also went up 7.1 percent, which now sits at $173,000, with condos up 16.7 percent at $140,000. This is in line with the rise of the national median sales price of $189,200 for houses and $187,900 for condos.
"What we're seeing is a market we can live with," said Florida Realtors Chief Economist Dr. John Tuccillo. "Sales are up, inventories are increasing moderately, and days on the market are shrinking slightly. What's of particular interest this month is how market activity has moved up the price ladder. We are seeing greater sales gains and inventory increases, and strong percentage decreases in days on the market, for homes priced above $250,000. This is a break from the trends we were seeing last year and bears watching for the future."
In related news, Freddie Mac reported a rise in interest rates for 30-year fixed-rate mortgages at 4.34 percent, which was up from 3.57 percent a year ago.