Florida's housing market had more new listings, an increase in median prices, and an uptick in inventory in May, according to Florida Realtors. Completed sales of single-family homes totaled 23,013 across the state, an increase of 3.6 percent over the May 2013 figure.
"Inventory levels continue to improve in Florida, and the months' supply of homes for sale remains stable—all good signs for the housing market," said 2014 Florida Realtors President Sherri Meadows. "Right now, the market offers a great opportunity for sellers, who are seeing nearly 93 percent of their asking price at the closing table. And mortgage rates, though rising, remain historically low—giving consumers more buying power."
New listings for single-family existing homes increased in Florida by 13.1 percent year-over-year. Townhomes and condos also experienced a boost, increasing by 3.9 percent over the previous year.
The median sales price in May was up 4.3 percent to $180,000 for existing single-family homes, according to data from Florida Realtors Industry Data and Analysis (IDA) department.
Florida Realtors Chief Economist Dr. John Tuccillo said, "Ordinarily, a market that is flattening out after a rise can be of concern. But this market has been in recovery mode and is now catching its breath after a long run-up. We are still seeing improvement in sales and prices, and are continuing to see drops in days on the market, cash sales and short sales. All of these are signs of a market that has stabilized."
He continued, "Going forward, we're concerned about affordability. In particular, the difficulty of first-time buyers to access mortgage financing and the lag in providing a much-needed supply of new homes may hold back Florida's housing market."
The group's data revealed that inventory was at a 5.7-month supply in May for single-family homes—the same level as the previous two months.