Florida: Existing home, condo sales up in November
Florida’s existing home sales rose in November, marking 15 months that sales
activity has increased in the year-to-year comparison, according to the
latest housing data released by Florida Realtors®.
Existing home sales rose 61 percent last month with a total of 14,026 homes
sold statewide compared to 8,694 homes sold in November 2008, according to
Florida Realtors. Statewide sales of existing condos increased 111 percent
last month compared to November 2008’s sales figure.
For the second month in a row, all of Florida’s metropolitan statistical
areas (MSAs) reported increased existing home sales and higher condo sales
in November. A majority of the state’s MSAs have reported increased sales
for 17 consecutive months.
“For 15 months now, statewide sales of existing single-family homes in
Florida have increased each month compared to the year-ago figures,” says
2009 Florida Realtors President Cynthia Shelton. “The continued, gradual
absorption of housing inventory will help stabilize home prices. National
research notes that housing affordability is at its peak and the highest on
record: Along with still-low mortgage rates, it means that the buying power
of a typical family has never been better.”
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.
According to NAR’s latest industry outlook, home sales are experiencing a
pendulum upswing. “Keep in mind that housing had been underperforming over
most of the past year,” said NAR Chief Economist Lawrence Yun. “In the
second half of 2010, if home values show consistent stabilization or even a
modest increase, then home sales could register normal healthy levels.”
Posted: 22 December 2009
Source: Florida Association of Realtors
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