Home Sales, Prices Up in Sunshine State as Recovery Continues

Home sales and prices picked up for Florida in June, according to ""housing data"":http://media.floridarealtors.org/wp-content/uploads/2011/10/June-2012-Fla-housing-data.pdf released by Florida Realtors.

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The organization's report shows a 5.3 percent year-over-year increase in closed single-family home sales in the Sunshine State, while pending sales jumped up 31 percent. Year-to-date, closed and pending sales are up from 2011 by 2.3 percent and 19.3 percent, respectively.

The median sales price on single-family existing homes also increased from June 2011, gliding up 8.2 percent to $151,000.

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A total of 9,202 condominium/townhome units sold in June, up 1.5 percent year-over-year. Florida's median price for townhome/condo properties was $110,000, a 15.8 percent jump from 2011.

In addition, the inventory for single-family homes stood at a six-months' supply, while inventory for townhome-condo properties stabilized to a 5.9 months' supply. A six-months' supply is widely considered a balanced market between buyers and sellers.

""The trend we've seen established over the past year is continuing,"" said John Tuccillo, chief economist for Florida Realtors. ""In June, every housing market indicator moved in the right direction. Closed sales are up, but so are pending sales, median prices, average prices and the ratio of sales price to list price. Conversely, listings are down, days on market are down and â€" most important â€" inventories are down. We have now reached a six months' supply of inventory for existing single-family homes and 5.9-months' supply for townhouse-condos.""

Tuccillo added that Florida Realtors expects the housing market recovery will continue in the state for the near future.