Florida’s Existing-Home, Condo Sales Continue to Surge in May

In what seems to be a never-ending trend, Florida’s existing-home and condo sales increased once again in May, according to the latest housing data released by Florida Realtors.

A total of 16,745 single-family existing homes were sold in the Sunshine State last month, jumping 18 percent from the number of homes sold in May 2009. This marks the 21st consecutive month that sales activity has increased in the year-to-year comparison.

And existing-condo sales made an even more notable increase. Statewide, 6,779 units were sold in May, soaring 40 percent from the previous year’s sales figure.

Growth in existing-home and condo sales was reported in 17 of Florida’s metropolitan statistical areas (MSAs). According to Florida Realtors report, a majority of the state’s MSAs have reported an increase in sales for 23 consecutive months.

Wendell Davis, 2010 president of Florida Realtors, said across the state, housing opportunities continue to be available at attractive prices while mortgage interest rates remain historically low. “Favorable conditions like this spark buyers’ interest,” she said.

While sales of existing homes and condos increased last month, the prices of these properties continued to decrease. This drop in prices is likely a driving factor behind the surge in sales activity.

Florida’s median sales price for existing homes in May was $140,400, down 2 percent from one year earlier. During this same period, the statewide sales price for existing condos plummeted 13 percent to $98,700.

Read the story