Florida pending sales, median home prices and closed sales rose in October, according to Florida Realtors.
Closed sales of existing single-family homes totaled 17,779 in October, up 25.3% from a year ago.
The national median sales price for existing homes was $184,300 in September, up 11.4% from the previous year, according to the National Association of Realtors. That’s higher than the national average.
The sales of foreclosures and distressed properties continued to impact the median house price due to the sales at a discount relative to traditional homes.
“The state’s latest unemployment rate fell to 8.5%, the lowest in nearly four years – and combined with the momentum of the housing market, it clearly shows that Florida is on a positive path and has been for months. Pending sales, closed sales and prices are trending up,” said Florida Realtors president Summer Greene.
A total of 8,252 condo units sold last month, up 16.4% from the previous year. The median price for units was $107,000, up 20.2% from a year ago.
Inventory for single-family homes and condo properties remained balanced between buyers and sellers with a 5.2-month supply in October.
“Once again, everything that should be going up in the market is going up, and everything that should be going down is going down,” said chief economist Dr. John Tuccillo of Florida Realtors.
He added, “As impressive as the year-over-year gains for October are, far more impressive are year-to-date gains of 2012 over 2011. They indicate the depth and resilience of this recovery.”
