Florida Realtors continue to report gains in the sales of single family homes, reporting an a 19% increase in the amount of single family homes over this time in 2014. This is also the 39th consecutive month prices for homes in the state have increased, marking progress in the long slog of recovery from the crash of the market in the later part of the last decade.
“Florida’s housing market continues to show positive momentum,” said 2015 Florida Realtors President Andrew Barbar, “Realtors across the state are reporting increased interest from both buyers and sellers – and with interest rates expected to rise in the next few months, now is certainly the time to take action. On the buyer front, new pending sales for existing single family homes in February increased 14.7 percent year-over-year; pending sales for townhouse-condo units increased 7.5 percent. On the sellers’ side, new listings for single-family homes rose 5.5 percent year-over-year, while new townhouse-condo listings rose 3.1 percent.”
The report also noted a 30% drop in short sales. While mostly optimistic, Florida Realtor Leaders acknowledged an interest hike was looming from the fed, which could slow sales in the coming months.
“Even though it appears the Federal Reserve will raise interest rates around midyear, the growth in Florida’s real estate market will most likely continue at the current or a slightly slower pace.” said Florida Realtors Economist Dr. John Tucillo.