Rising numbers in Florida home and condo sales
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.