Florida Home Sales, Values Increase

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The median price for Florida's existing single-family homes sold in October was 16.6 percent higher than last year, marking the 23rd consecutive month of yearly price increases, according to Florida Realtors. 

The statewide median sales price for single-family homes reached $169,000 in October. The median price for townhomes/condos reached edged higher, increasing 22.1 percent from last year to $130,000 in October. 

Yesterday, the National Association of Realtors reported the national median home price for all housing types -- single-family homes, townhomes, condominiums and co-ops -- reached $199,500 in October, increasing 12.8 percent from last year.

A total of 18,728 single-family homes were sold in October, climbing 6.5 percent from last year, Florida Realtors reports.

"Florida's economy continues to improve, and that's good news for the housing market," Florida Realtors president Dean Asher, said in the report. "On average, sellers received about 94 percent of their asking price in October. Interested home sellers are paying attention to this positive trend and entering the market, which in turn is helping to stabilize inventory levels."

In October, the median days on market was 46 days for single-family homes and 48 days for townhouses and condos. There was a 5.5-month supply of single-family homes in October. 

"The housing numbers continue to hold up, bolstered by strong employment growth and population in-migration," Florida Realtors chief economist Dr. John Tuccillo said in the report. "We are, however, noticing that there has been a steady decline in the share of cash sales in the market, suggesting that investment activity in Florida real estate may be waning."

While the state revels in higher sales and home values, Florida still has foreclosures weighing on its housing market. Last week, RealtyTrac reported higher national foreclosure filings in October, with Florida leading the nation's foreclosure rate.