Low inventory and rising home prices continue to plague the Florida housing market, according to the newest data from Florida Realtors. In March, the median sales price for a single-family home in the state was $250,800 — an increase of 8.2 percent from last year. Townhomes and condos are also seeing a price hike, with the March median price being $183,000 — a 7 percent increase from March 2017.

Across the country, the median existing-home price for all types of housing in March was $250,400 — up 5.8 percent from $236,600 in March of 2017, according to the most recent report from the National Association of Realtors. 

March marked the 75th straight month that the median sales price for both single-family homes and townhouse/condo properties in Florida rose year over year, according to data from Florida Realtors.

The total number of single-family home sales in Florida for March was 25,020, down 3.5 percent from last year. This is the largest drop in a year, not including September during Hurricane Irma, according to Florida Realtors Chief Economist Dr. Brad O’Connor. Townhouse/condo sales in the state came to 10,997 — down 1.8 percent from last year.

“Still, year-to-date, single-family home sales are down a little under 1 percent, so it will be important to watch the April numbers very closely when they come out next month,” O’Connor said. “At that point, we’ll have a better idea if March was just a blip, or perhaps whether it was the beginning of a very gradual slowdown in sales growth that appears to become more inevitable the longer our statewide housing shortage persists.”

While NAR notes that housing inventory across the country jumped 5.7 percent to 1.67 million from February to March, inventory nationwide is still down 7.2 percent from March of last year. 

The combination of high prices and low inventory makes entering the market difficult for homebuyers — especially those buying a home for the first time.

“If move-up buyers can’t find a home in their desired price range, then they aren’t likely to leave their current home, which in turn makes entry-level properties even more scarce,” said Christine Hansen, 2018 president of Florida Realtors. “Buyer demand is high, but the shortfall of inventory — particularly around $250,000 and under — is impacting affordability in many areas.”