Florida Real Estate Market Recovery: 12th Consecutive Monthly Increase in Home Sales
ORLANDO, Fla. (Sept. 24, 2009) – Florida’s existing home sales rose in August – marking a full calendar year (12 months) that sales activity increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors. Existing home sales rose 28% last month with a total of 13,850 homes sold statewide compared to 10,813 homes sold in August 2008 (see chart above). The state association also reported a 45% increase in last month’s statewide sales of existing condos compared to the previous year’s sales figure. Florida’s median sales price for existing homes last month was $147,400; a year ago, it was $188,500 for a 22 percent decrease.
MP: Along with home sale increases, median home prices are also starting to gradually increase as Florida's real estate market recovers. During the first four months of 2009 (Jan.-Apr.), the median home price averaged $140,000, compared to an average price of $147,000 during the most recent four months (May-Aug.). With a full year of monthly increases in home sales, and with rising median home prices, can we now officially declare that the Florida real estate market is in full recovery mode?