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.
4 Comments:
In my part of Florida, rents are really heading up. This hopefully will drive many who are able to buy but are sitting on the fence while renting to decide to purchase a home. Also, the economy is slowly improving in Florida and more jobs and households translates into more home sales usually.
Can you all tell how many of these are out of state or foreign snow birds. I know plenty of snow vultures that still believe its different up here , leveraging what they have and swooping in to purchase at these distressed prices thinking they will be making a killing when things return to normal for you all...
There is no break down of this that I am aware of. You could perhaps assume that many of the cash only transactions would be homes purchased by Yankees or foreigners but many could also be local investors. In any event, we will take whatever relief we can get at this point. I do think that current real estate prices give buyers historic opportunities to buy a great place on the cheap.
The Business Insider has the following: The 18 Cities Where Housing Prices Are Getting Destroyed
Miami and Tampa are on that list...
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