Florida’s pending home sales and median home prices rose in May

Florida’s pending home sales and median home prices rose against a dwindling inventory in May, according to data released today by Florida Realtors. Pending sales in May were up 43.1 percent for existing single-family homes and increased 33.4 percent for townhome-condo properties, year-over-year. Pending sales refer to contracts that are signed but have not yet been completed or closed 30 to 90 days after a sales contract was written.

The statewide median sales price for single-family existing homes in May was $147,000, an increase of 8.9 percent from May 2011. The median sales price for townhome-condo properties was $112,000, or 14.3 percent higher than the previous year. Compared to the national median sales price for existing single-family homes of $182,900 – a 7.7 percent jump from May 2011 – Florida’s housing remains exceptionally affordable.

The inventory for both single-family homes and for townhome-condo properties was at a 5.5-month supply last month. “The recovery in Florida’s housing market and economy continues to grow stronger and stronger,” 2012 Florida Realtors President Summer Greene, said. – Christopher Cameron