Florida Home Sales Increase for 7th Straight Month

ORLANDO, Fla. – April 23, 2009 – Florida’s existing home sales increased in March, making it the seventh month in a row that sales activity demonstrated gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR). March’s statewide sales also increased over the previous month’s sales level in both the existing home and existing condo markets.

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.