Inventory Levels Continue to Improve in Florida
Posted By Victoria Boss Vero Beach Realtor || 6-Aug-2014
The housing market in Florida experienced a boost throughout 2013. Florida Realtors have assessed that the housing market is favorable for both sellers and the buyers.
According to Florida Realtors, real estate listings for homes for sale have increased by at least 13.1 percent each year since the recession. The listings show a 3.9 percent increase in townhomes and condos since 2013. As such, inventory level of homes available for sale in the market has improved by a great extent. The average monthly rates show a steady growth in inventory levels. Data from Florida Realtors’ Industry Data and Analysis (IDA) department revealed that the median sales price of homes rose by 4.3 percent from last year, amounting to an average single-family home price of $180,000, as of May.
The Florida Realtors Chief Economist expresses his concern about the markets which suffer a setback generally after receiving a boost. However, Florida markets have showed consistent growth and are undergoing a steady recovery. Home sales and prices are rising and the job market is developing. However, the housing market is still suffering due to apprehension from first-time buyers to access mortgage financing, difficulty in the availability of resources, and troubles with closings.