Florida’s housing market opened this year with a bang, as new data from Florida Realtors reported more closed sales, higher median prices, increased pending sales and more new listings last month.

Florida Realtors President Maria Wells said the state’s housing market has been continuously showing positive momentum.

“While existing inventory remains tight, realtors across the state are reporting interest from both buyers and sellers – and with interest rates expected to rise over the next few months, now is certainly a good time to take action,” Wells said.

New pending sales for existing single-family homes went up by 3.8% annually in January, and pending sales for townhouse-condo units went up by 6.5%. New listings for single-family homes increased by 7.6% and new townhouse-condo listings rose by 0.9%.

“Florida’s housing markets for existing homes are off to a good start in 2017,” said Brad O’Connor, Florida Realtors’ chief economist. “Throughout much of this housing cycle, growth in single-family home sales has outpaced that of condos and townhouses, but in January – for the first time since November 2015 – this was not the case, though one month’s worth of data alone doesn’t indicate a long-term trend.”

Source: Mortgage Professional of America

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