In a recent report release by Florida Realtors, the housing market in Florida had increased inventory and rising median prices in July. The figures show a 5% increase (from July 2013) in single family homes that closed statewide, totaling 22,099. Overall, inventory for single family homes has risen 17.5%. The number of sales shows a lesser number of short sales last month as compared to last year…54.8% less short sales for single-family homes in the state.
According to Florida Realtors, inventory for single family homes was at 5.5 months supply and townhouses at 5.7 months supply.According to Dr. John Tuccilo, Florida Realtors Chief Economist, “The July numbers look very much like June’s when each is compared to the prior year. This tends to verify our preliminary view that the market is settling into a stable pattern.”
This is good news for the local real estate market, as we have seen the months of inventory in South Florida grow as well and it seems that the market is stabilizing. With fewer short sales and foreclosures closing, the market is getting back to “normal”. Now is a great time to buy or sell. Contact the Restivo / Hechtman Team for help with all your real estate needs.