Florida Home Prices Up, South Florida's Tight Inventory a Driver

Good news for Floridas real-estate market as prices are on the rise statewide.

The median price for an existing single-family home across the state rose 12.4 percent to $145,000 in January, year-over-year, with an 11.7 percent rise in sales. Meanwhile, the median price for condos jumped 18 percent to $112,000, according to Florida Realtors.

Statewide inventories are down to a 5.6-month supply from an 8.3-month supply a year earlier.

South Florida has also registered a bump due to low inventories available for homebuyers.In Broward County, sales of existing single-family homes rose 15.3 percentcompared to last year. Their median price climbed to $224,088, a 24.5 percent increase from a year earlier.

In Miami-Dade County, the median price of existing homes registered at $194,000 in January, a 14.8 percent increase from a year ago, while the median prices of the countys condos experienced a nearly 25 percent rise.