ORLANDO—How hot is the single-family home market in the Orlando metro? I'm hearing more and more about new construction all the time.

Tightening inventory continued to impact Florida's housing market in May, according to the latest housing data released by Florida Realtors. Realtors across the state reported rising median prices and fewer days on market for both existing single-family homes and for townhouse-condo properties. Closed sales of existing single-family homes statewide totaled 24,789 last month, up 7.7% over May 2014.

Here's the latest new development on the vision board: Canopy Walk, an affiliate of Home Dynamics Corporation, snapped up 55 acres of land at US 192 and Nora Tyson Road in Saint Cloud for $3.22 million. Canopy is proposing a 193-home single-family residential community there. If approved, it would mark Home Dynamics' fourth such project in the greater Orlando area.