Florida Housing Data Is Looking Up

By Author: ben austen
Total Articles: 21
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The housing market in Florida was particularly hard hit by the economic crisis that swept over the U.S. economy now more than six years ago. While real estate markets in other parts of the country were also devastated by the recession, Florida's residential, commercial and rental markets were among the most critically effected by the financial market collapse. Since that time, real estate has remained under severe pressure with falling home prices, excess inventory and record foreclosure rates stressing the Florida real estate market like no other time in recent history.

But, there seems to be a light at the end of what has been a long dark tunnel as recent data gathered about the Florida real estate market seems to indicate that the worst could very well be over and that the market is showing signs of strength that could last well into 2013. Data released by the Florida Realtors and the National Association of Realtors covering November 2012 indicate that closed sales, pending sales, median prices and average prices all rose in Florida this past November. Industry experts and inside observers received the news ...
... with cautious optimism while citing additional data that seems to points to home sales trending strongly higher and the supply of houses overhanging the market starting to dry up.



Real estate professionals in the state of Florida point to an improving jobs market as well as continued record low mortgage rate for a great deal of the reason for their optimism surrounding the outlook for the Florida real estate market in 2013 and beyond. With consumer confidence data also indicating that American consumers are starting to come out of their shells, the combination of rosy data coming from various sectors of the economy can only be good for a market so utterly dependent on the American citizen feeling good about the future.

Drilling down into the November 2012 housing report we find that closed sales of existing homes grew by 24.4% year over year with 17,072 closings reported to the Florida Realtors Industry Data and Analysis department. A typical Florida home will go to closing 30 to 90 days after a contract of sale has been negotiated and signed by buyer and seller. In addition, pending sales, meaning contracts that are signed but have not yet reached the closing table for existing single-family homes in November 2012 also rose more than 45% year over year.

Not only are more homes selling and scheduled to go to closing but the average median price for these homes have been rising at a rate of 11.2% to more than $150,000. The rate of growth in Florida home prices outpaced the national average for the first time in recent memory, also putting a smile on home sellers and Florida realtors from Miami to the Northwest route 30a coastal communities.

Inventory of homes on the market has been an area of particular concern for Florida realtors with a glut of foreclosed homes weighing down the prices and the overall housing market. November 2012 data indicates that the inventory for single-family homes stood at a 5.1 months' supply while inventory for townhouses and condos registered at a 5.3 months' supply according to Florida Realtors Industry Data. A 5.5 month's supply is normally seen as a level that equates to a market that is balanced between buyers and sellers.

Overall the report by the Florida Realtors Industry was a ray of long awaited sunshine for the Sunshine State, especially those figures indicating that home prices are on the rise. Industry insiders see the data as a strong indication of real home price appreciation and perhaps a solid recovery underway for the Florida real estate market.

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