ORLANDO, FL—The continued shortage of for-sale home inventory is causing home prices in Florida to rise and is beginning to raise the blood pressure of some frustrated home buyers.

The Florida Realtors trade group reports that the statewide median single-family home sale price rose 8.2% in March to $250,800 and the townhouse/condo median sale price shot up 7% to $183,000 as compared to a year earlier. The monthly sales results point to a continued strong housing market in Florida. March was the 75th consecutive month that the statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year.

The home sales market in Florida continues to see strong demand, particularly from first-time home buyers. At the same time, for-sale inventory continues to decline. March's for-sale inventory tightened even further with active single-family home listings falling 7.5% from a year ago. Inventory is now at a 3.8-months' supply for single-family homes and a 5.9-months' supply for townhouse-condo properties, according to Florida Realtors. New single-family home listings in March were down 3.1% and new pending sales were down 2.2%.