ORLANDO, Fla. – March 23, 2009 – Florida’s existing home sales rose in February, making it the sixth consecutive month that sales activity showed increases in the year-to-year comparison, 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% last month with a total of 9,858 homes sold statewide compared to 8,181 homes sold in February 2008 (see chart above). February’s statewide existing home sales were 16.7% higher than January’s statewide sales. Florida’s median sales price for existing homes last month was $141,900; a year ago, it was $199,300 for a 29% decrease.
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.
MP: 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. Six 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.
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