Existing Homes Sales in Florida Steadily Increase

According to the latest housing data released by Florida Realtors®, existing home sales in Florida rose in November marking 15 months that sales activity has increased.   Existing home sales rose 61 percent in November with a total of 14,026 homes sold statewide compared to 8,694 homes sold in November 2008. Statewide sales of existing condos increased 111 percent compared to those in November 2008.  

The federal homebuyer tax credit program not only includes first time homebuyers, but has expanded to include some current homeowners. This program will continue to help the housing market recover by decreasing the amount of inventory which in turn will stabilize home prices.  

While sales have continued to increase, the median sales price for existing homes in Florida last month was $139,000 compared to $158,200 a year ago.  This 12 percent decrease is continued good news for home buyers.  The decrease in values can also be attributed to the sale of distressed properties and foreclosures that distort the average sales price.  Continued low interest rates also are playing a role in home sales.  Rates for a 30-year fixed-rate mortgage averaged 4.88 percent in November.  In November 2008 the average rate was 6.09 percent.  With the low interest rates, expanded federal tax credit program, desirable home prices, and increased consumer confidence the outlook is certainly a positive one for homebuyers and those looking to sell.