This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Fla.'s Housing Market Gained Strength, Momentum In 2012

ORLANDO, Fla., Feb. 11, 2013 /PRNewswire/ -- Florida's housing market wrapped up 2012 with more closed sales, higher pending sales, higher median prices and a reduced inventory of homes for sale compared to the year before, according to the latest housing data released by Florida Realtors®.

(Logo: http://photos.prnewswire.com/prnh/20110314/DC64568LOGO)

"Throughout 2012, we've seen increasingly strong signs that the state's housing market is in solid recovery," said 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. "These positive fundamentals in the housing sector continue to attract potential homeowners and investors; however, they're facing a limited inventory of available for-sale homes in many areas. Florida's economy is growing, more jobs are being created and mortgage interest rates probably will stay favorably low for some time – which will help drive the housing market forward in 2013."

Statewide closed sales of existing single-family homes totaled 204,414 in 2012, up 8.5 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations.  In the fourth quarter, closed sales of single-family existing homes totaled 52,624, up 21.2 percent from 4Q 2011. Closed sales typically occur 30 to 90 days after sales contracts are written.

Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes rose 17.6 percent in 2012 compared to 2011's figure. The statewide median sales price for single-family existing homes in 2012 was $145,000, up 9 percent from the previous year. Looking at 4Q 2012, the statewide single-family existing-home median price was $150,000, up 11.1 percent from the same quarter a year ago.

According to the National Association of Realtors® (NAR), the preliminary national median sales price for existing single-family homes for all of 2012 was $176,600, up 6.3 percent from 2011 – and the strongest annual price gain since 2005. In California, the statewide median sales price for single-family existing homes for 2012 was a preliminary $319,340; in Massachusetts, it was $298,000; in New York, it was $215,000; and in Illinois, it was $139,000.

The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,757.91 +138.40 0.79%
S&P 500 2,077.42 +14.31 0.69%
NASDAQ 5,013.1230 +26.2560 0.53%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs