Home sales are on the rise in Florida, but house prices are still seeing downward pressure in a state hit hard by the foreclosure crisis. Existing-home sales rose 3% in May with 17,288 homes sold, up from 16,790 homes in May 2010 while existing-condo sales climbed 17% with 8,338 units sold statewide, up from 7,104 units the year before, according to Florida Realtors. Median sales prices on existing single-family homes declined 5% to $135, 500 from $142, 900. Still, May’s statewide existing home median price was about 2.9% higher than it was in April. 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. This was the sixth consecutive month that it’s been reported to have a higher year-over-year existing home and existing condo sales statewide. Write to Matthew Torres.
Rising numbers in Florida home and condo sales
Most Popular Articles
Latest Articles
Ginnie Mae denies majority of complaint in Texas Capital Bank lawsuit
Ginnie Mae admits only to core facts of the case, denying all allegations, “inferences, arguments, and legal conclusions” in the complaint.