FL Existing Home Sales Rise

Atlantic Ocean View on Bellevue AveNewport RIRead Real Estate News updated daily.Visit our website @ www.flhotproperties.com On the left sidebar, find links to useful local and industry sites.Find out what's happening in real estate!Florida Housing Market--Florida Association of Realtors (FAR) reports that Florida’s existing home, condo sales rise in February 2009Florida’s existing home sales rose in February, making it the sixth consecutive month that sales activity showed increases in the year-to-year comparison [ed. emphasis], according to the latest housing data released by the Florida Association of Realtors® (FAR). February’s statewide sales also increased over January’s figures in both the existing home and existing condo markets.Existing home sales rose 20 percent last month with a total of 9,858 homes sold statewide compared to 8,181 homes sold in February 2008, according to FAR. February’s statewide existing home sales were 16.7 percent higher than January’s statewide sales.Florida Realtors also reported a 15 percent gain in statewide sales of existing condominiums in February, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels. Statewide existing condo sales last month increased 25.1 percent over the total units sold in January.Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in February while 11 MSAs also showed gains in condo sales. It marks the eighth month in a row that a number of markets have reported increased sales.Median sales price has declined almost 30% state-wide:Florida’s median sales price for existing homes last month was $141,900; a year ago, it was $199,300 for a 29 percent decrease. Industry analysts with the National Association of Realtors® (NAR) report a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less.National Housing Market--Wall Street Journal reports in Existing-Home Sales Rebound, but Prices Plunge, that, as we noted last week 3/18/09 in our Martin County/Sandpiper Bay marketing area, almost 50% of these sales are distress sales:Demand for existing homes climbed in February above expectations, driven by foreclosure sales that are sending prices plunging. Home resales rose 5.1% to a 4.72 million annual rate from 4.49 million in January, the National Association of Realtors said Monday. About 45% were foreclosure and short sales. The large number of these distressed property sales is driving prices lower. The median price for an existing home fell 15.5% last month to $165,400. Falling prices depress demand, contributing to the high inventory that is a factor keeping prices down. Inventories of previously owned homes rose 5.2% at the end of February to 3.8 million available for sale, which represented a supply of 9.7 months at the current sales pace.