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Florida existing home sales inch upwards

September 27, 2010 - Moving activity in Florida ticked upwards slightly in August, driven in part by encouraging sales increases in the state's condominium market.

There were 13,997 homes sold in Florida in August, a 1 percent year-over-year increase from 13,908, reported Florida Realtors. Additional, home sales activity was 3 percent higher than it was in July. The report also shed light on the state's condo market, revealing that more people were moving into condos last month. There were 5,706 condos sold in August compared to 4,662 units a year before, an increase of 22 percent. Ten of Florida's metropolitan statistical areas reported higher home sales in August, while 13 MSAs experienced rising condo sales, said the report.

On the other hand, median prices dipped on both homes and condos. The median sales price on a single-family Florida home was $134,000 last month, 9 percent lower than it was a year ago. Condo prices experienced an even greater drop to a median price of $81,600, 24 percent lower than it was in August 2009. Price drops were good news for families intent on moving into a new home at a bargain, but discouraging for relocating families who were looking to sell their home for a big return.

National, existing home sales in August were up 7.6 percent from the previous month, although, figures were still 19 percent off their marks from a year ago.
 

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