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Florida's housing market continues slow recovery
By Palm Beach Business.com
DELRAY BEACH — Florida’s housing market, one of the vital engines of the state economy, continues show slow improvement, with prices jumping but sales essentially flat, according to the numbers released Tuesday by Florida’s Realtors.
The statewide median price rose 10.2 percent in April to $144,350 from $131,000 in April 2011, while the number of sales dropped less than one percent to 17,544 from 17,667 a year ago. The median price is the point where half of all homes sold go for more, half for less.
The average number of days a home is on the market also dropped, to 118 from 127 a year ago.
"The housing numbers for the state of Florida continue to signal recovery," Florida Realtors Chief Economist John Tuccillo said. "Sales in 2012 are above where they were in 2011, a harbinger of a third straight year of improvement.
“More importantly, pending sales are up dramatically, and inventory is still falling. Financing constraints still mean that a significant percentage of these will not lead to closed sales, but with the numbers up, we are confident that closed sales will continue to rise.”
Experts said foreclosures and short sales continue to hold down prices despite the sharp increase in April.
Also, Florida’s Realtors reported the statewide median for town homes and condo was $108,000, up 16.1 percent over April 2011.
Local data were not immediately available.
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