Florida housing market improving, but investors may still have time to act

The housing market in Florida was marked by higher median prices and pending sales in June.

The Florida Association of Realtors also reported an increase in closed sales and a drop in inventory for sale during the month, signs of much-needed improvement in one of the states that has struggled most during the recession. Florida has experienced a large number of foreclosures and all the issues related to them.

“All of the signs point to solid gains, which is good news for the state’s economy,” said Florida Realtors President Summer Greene. “In June, pending sales were up 31 percent for existing single-family homes and nearly 23 percent for townhouse-condo units compared to a year ago.”

The association did note that restrictive credit standards and a lack of financing options continue to render it difficult to make purchases or engage in other activity. That may indicate that opportunities still remain for investors interested in purchasing and renting a home in the state despite the improvements the housing market is showing. Rental managers and owners may benefit from improvements in the state’s employment situation as well.