Florida Home Sales Increase for 6th Straight Month
Existing home sales rose 20% last month with a total of 9,858 homes sold statewide compared to 8,181 homes sold in February 2008 (see chart above). February’s statewide existing home sales were 16.7% higher than January’s statewide sales. Florida’s median sales price for existing homes last month was $141,900; a year ago, it was $199,300 for a 29% decrease.
Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in February while 11 MSAs also showed gains in condo sales. It marks the eighth month in a row that a number of markets have reported increased sales.
MP: Falling home prices, record-low mortgage rates, and record-high housing affordability are all working together to fuel a real estate recovery in states like Florida and California. Six consecutive months of increased year-to-year sales activity suggests that the Florida real estate market is way past its bottom, and is making a solid recovery and strong comeback. Markets are working.