According to a new report from Florida Realtors, the state experienced more closed sales, higher median prices, increased pending sales and new listings in July 2017 compared to the same time last year. Like much of the nation, Florida’s market is experiencing the effects of a tight housing inventory. 

The median sales price for a single-family existing home last month was up 7.1 percent year over year to $240,000. The median price for condominiums increased slightly less to $170,950, up 6.8 percent from July 2016, according to the organization. 

“Florida’s housing market gained momentum in July,” Florida Realtors President Maria Wells said in a press release. “More owners decided to put their homes up for sale. However, even with the increase in new listings, inventory remains tight and buyer demand is great.

“In such a fast-paced, tight-inventory market, consumers’ best resource is a local Realtor, who is there to help successfully guide them through the complexities of buying or selling a home,” she continued. 

The association reported that new listings for single-family existing homes rose 6.1 percent year over year, while the condominium market saw an increase of 5.5 percent. Pending sales in July 2017 also were up in the state – up 3.3 percent for single-family homes and up 3.6 percent for condo-townhouse units over the same time last year.