Florida Housing Recovery Gains Strength in August
"Sales activity and median prices for Florida’s existing home and existing condo markets rose in August, according to the Florida Realtors. Existing home sales increased 15 percent last month with a total of 16,206 homes sold statewide compared to 15,517 in July, and 14,131 homes sold in August 2010 (see chart). The statewide median sales price for existing homes last month was $137,500, up 2 percent from the year-ago figure of $134,900. August’s statewide existing home median price was also slightly higher than July's median price of $136,500 (see chart).
“Over the past few months, it appears that home prices have been stabilizing in many local markets across the state,” said 2011 Florida Realtors President Patricia Fitzgerald. “This is another positive sign that the housing recovery is gaining strength.”
Fifteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in August; 15 MSAs also had higher existing condo sales.
In Florida’s year-to-year comparison for condos, 7,098 units sold statewide last month compared to 6,041 units in August 2010 for an increase of 17 percent. The statewide existing condo median sales price last month was $91,100; in August 2010 it was $81,500 for a 12 percent increase."
MP: With a 15% overall annual gain in housing sales and a 17% gain in condo sales, along with a modest increase in median home prices of about 2%, Florida's real estate market is showing some positive signs of an ongoing housing recovery.