Fla. home prices, sales rise - WFLA News Channel 8

Fla. home prices, sales rise

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By Tish Osborne

Florida residential real estate sales in June registered gains in every category, while West Pasco sales fell off a bit from a strong showing in May.

The state's overall housing market totals had increased pending sales, more closed sales, higher median prices and a reduced inventory of homes for sale in June, according to the latest housing data released by Florida Realtors, formerly the Florida Association of Realtors.

The West Pasco Board of Realtors, however, reported sales of single-family homes and villas fell almost 10 percent in June over May figures and condominiums and townhouses even fell short of 2011 for the month.

Still, all sales are up in West Pasco over last year — single-family homes and villas up 19.7 percent, condos and townhouses up 12.3 percent.

"The trend we've seen established over the past year is continuing," said Florida Realtors Chief Economist John Tuccillo. "In June, every housing market indicator moved in the right direction.

"Closed sales are up, but so are pending sales, median prices, average prices and the ratio of sales price to list price. Conversely, listings are down, days on market are down and — most important — inventories are down."

Pending sales refer to contracts that are signed but not yet completed or closed.

In June, pending sales were up 31 percent for existing single-family homes and nearly 23 percent for townhouse-condo units compared to a year ago. The trend shows that many buyers are ready to purchase their Florida dream home, but a lack of financing options and overly restrictive credit standards remain obstacles.

"We have now reached a six months' supply of inventory for existing single-family homes and 5.9-months' supply for townhouse-condos," Tuccillo explained. "With an improving employment environment in Florida, we expect that the housing market recovery will continue in the future."

Statewide closed sales of existing single-family homes totaled 18,800 in June, up 5.3 percent compared to the year-ago figure.

Prices are up, too. The statewide median sales price for single-family existing homes last month was $151,000, up 8.2 percent from June 2011.

For West Pasco, average sales price in all sales was $103,900, approximately $8,000 better than last month.

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