New figures have shown that the sale of existing homes rose by 9.8% in the month of July when compared to the same figures from 12 months earlier, as the housing market across the state of Florida continues its steady recovery.
The figures, which were released by Florida Realtors, also showed that pending sales expected to close within 90 days of the figures being released also rose by 42%. President of Florida Realtors, Summer Greene, said: "Florida's real estate recovery is on solid ground. Since May 2011, pending sales have increased every month for both existing single-family homes and for townhome-condo properties."
Dr John Tuccillo, Florida Realtors' chief economist, added: "We really need to recognize that over the past year we have seen a market reversal, from a clear buyers' market to a neutral market to one that is verging on a sellers' market."
As prices rise, the number of properties on the market and available to buy is shrinking; the figures up until June show that there is a 5.3 month turnover for existing homes whereas last year it was nine months.
Across the nation house prices saw a 10.4% rise in July when compared with figures available for the same period in 2011, but this increase is being held back by the difficulty many people are facing when it comes to obtaining the credit that would allow them to purchase a home. Prices also rose across the country by 9.7% to $187,300.
