Florida housing market exhibits sustained strength in March

Housing data released by the group Florida Realtors showed continuous increases in home prices have been seen over the past year, as well as existing single-family residential sales and pending transactions.

The improvement being reported across America has also been experienced in the Sunshine State.

Housing data compiled using public property records was recently released by the group Florida Realtors, and showed continuous increases in home prices have been seen over the past year, as well as existing single-family residential sales and pending transactions.

"Florida's housing market continues to demonstrate its recovery - March marks the 15th consecutive month that the statewide median sales prices for both single-family homes and for townhouse-condo properties rose year-over-year," said Dean Asher, president of Florida Realtors. "The median price is up more than 15 percent for both single-family homes and for townhouse-condos. Meanwhile, buyer demand is increasing, but supply continues to be constrained in many areas. In March, the median days on market was 57 days for single-family homes and 61 days for townhouses and condos. That means 50 percent of homes on the market in Florida sell in two months or less."

Having risen 15.2 percent year-over-year, the statewide median transaction price for single-family existing-homes was reportedly recorded at $160,000 in March. Overall, finalized sales of the residential units totaled 19,631 last month, ticking up 9 percent on an annual basis. Additionally, figures representing existing single-family homes that were put under agreement during the month hiked 23.4 percent from March 2012 levels. 

Florida Realtors chief economist Dr. John Tuccillo outlined his stance of safety and soundness regarding the recent numbers, saying further growth may be seen in the coming months.

"We continue to be encouraged by the depth and breadth of the housing recovery," Tuccillo said. "State numbers are up in virtually all important categories and down where they should be down. Even with the difficulty of access to financing for households, we still see the growth in the market continuing for at least the next 18 months."

Residential building exhibits statewide rise
Not only have increases in housing conditions been recorded, but a rise in construction in the state's metropolitan areas has as well. In a separate report, Florida Realtors detailed a 15.3 percent jump in in building projects that were actively bidding. 

Compared to the same time period the preceding year, private construction was reportedly up 0.8 percent in the areas of Jacksonville, Miami-Fort Lauderdale-Pompano Beach, Orlando-Kissimmee-Sanford, Tallahassee and Tampa-St. Petersburg-Clearwater, while public construction improved 25.4 percent.

Quarter-over-quarter, Florida Realtors noted the first three months of 2013 showed an increase of 35.3 percent for construction projects in the major metro markets which were actively bidding. When contrasted against the final three months of 2012, a statewide drop of 13.3 percent was evident.

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