Florida Home Sales Increase for 7th Straight Month
Existing home sales rose 30% last month with a total of 13,085 homes sold statewide compared to 10,080 homes sold in March 2008, according to FAR (see chart above). Statewide existing home sales in March were 32.7% higher than February’s statewide sales.
Fifteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in March and 13 MSAs also showed gains in condo sales. It marks the ninth consecutive month that a majority of markets have reported increased sales. Florida’s median sales price for existing homes last month was $141,300; a year ago, it was $201,700 for a 30 percent decrease (see chart above).
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. Seven 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.