Real Estate News from Florida Finally Positive

The Florida Assn. of Realtors has released data to show that Florida's existing home sales rose in August, marking a full calendar year that sales activity increased in a year-to-year comparison.  Existing home sales rose 28 percent last month with a total of 13,850 homes sold statewide compared to 10,813 homes sold in August 2008.  The state association also reported a 45 percent increase in last month's statewide sales of existing condos compared to the previous year's sales figure.

"For a year now, statewide sales of existing single-family homes in Florida have increased each month compared to the year-ago figures," said 2009 Florida Realtors® President Cynthia Shelton.  "This is encouraging news, and while it shows the beginnings of recovery, the housing market still needs time to continue its gradual absorption of housing inventory that will help stabilize home prices."

Florida's median sales price for existing homes in August was $147,400; a year ago, it was $188,500 for a 22 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

NAR Chief Economist Lawrence Yun is optimistic, "The fundamentals of the housing market and the economy are trending up, and we expect home sales to generally pick up in the second quarter of 2010. The buyer psychology may be shifting from, ‘Why buy now when I can purchase later,' to ‘I don't want to miss out on a recovery.'"

The Daytona Beach area reported a total of 686 homes sold in August compared to 573 homes a year earlier for a 20 percent increase. The market's existing home median sales price last month was $132,700; a year ago it was $164,200 for a 19 percent decrease. A total of 135 condos sold in August, up 27 percent over the 106 units sold in August 2008. The existing condo median price last month remained level compared to a year ago at $184,300.

I sound like a broken record - it's still a Buyer's Market here!  Search homes for sale in the Daytona Beach area, and see what you can buy!  Then contact me to preview homes and help you get preapproved.