Florida Home Sales Increase for the 7th Straight Month

ORLANDO, Fla. – April 23, 2009 – Florida’s existing home sales increased in March, making it the seventh month in a row that sales activity demonstrated gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR). March’s statewide sales also increased over the previous month’s sales level in both the existing home and existing condo markets.

Existing home sales rose 30% last month with a total of 13,085 homes sold statewide compared to 10,080 homes sold in March 2008, according to FAR (see chart above). Statewide existing home sales in March were 32.7% higher than February’s statewide sales.

Fifteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in March and 13 MSAs also showed gains in condo sales. It marks the ninth consecutive month that a majority of markets have reported increased sales. Florida’s median sales price for existing homes last month was $141,300; a year ago, it was $201,700 for a 30 percent decrease (see chart above).

Falling home prices, record-low mortgage rates, and record-high housing affordability are all working together to fuel a real estate recovery in states like Florida and California. Seven consecutive months of increased year-to-year sales activity suggests that the Florida real estate market is way past its bottom, and is making a solid recovery and strong comeback. Markets are working.

Comments

[jeandit75:]

Yeah! The Case Shiller index is falling like a rock but lets buy some real estate!!! Yeah! Let's follow the croud and buy buy buy!!!

Apr 29 07:26 AM

[Lies and Da...:]

It'd be nice to see inventory per capita numbers rather than relative changes in sales. Compare these numbers with other states and I think we'd have a better picture of what is happening.

7 months of increased sales could simply be due to the fact that prices, before the pop, were obscene and thus pre-pop sales were abnormally low.

Apr 29 08:08 AM

[Dave Shafer:]

Kinda funny whenever you put some relatively good news [or at least news that isn't terrible] out there that folks have to take it to task every time. Wonder why that is? Ideology maybe? It has gotten pretty funny here, unfortunately it has destroyed what was once a pretty good site.

Apr 29 08:43 AM

[Rhett:]

You're dreaming, Professor, if you think Florida residential property is at or near its bottom. You are in Michigan where that may be true, but I'm in Florida where it certainly does not seem to be the case. Foreclosures are on the increase and prices are still falling.

Apr 29 09:36 AM

[aware:]

Maybe its because you can't believe what these people say.


On Apr 29 08:43 AM Dave Shafer wrote:

> Kinda funny whenever you put some relatively good news [or at least
> news that isn't terrible] out there that folks have to take it to
> task every time. Wonder why that is? Ideology maybe? It has gotten
> pretty funny here, unfortunately it has destroyed what was once a
> pretty good site.

Apr 29 12:42 PM

[58robbo:]

it would be interesting to find out how many foreclosures were recorded over the same period. i'd also love to know what levels the shadow inventory is sitting at. by 'shadow inventory' i'm referring to foreclosed real estate which isn't currently listed for sale or let out. i'm also referring to real estate where the owners have withdrawn their properties from the market due to the unfavorable trading conditions. the other important factor is the real unemployment figures. by 'real unemployment' i'm including discouraged job seekers and part timers who are not included in govt data.

these details might help us to put these sales figures into proper perspective. without them, your argument is meaningless

Apr 30 05:22 PM