Real Estate Blog

February 14th, 2009 1:51 PM
Sales Inch Up for Florida Real Estate
The real estate business is improving in Florida, a state that was among the hardest hit by foreclosures.

Sales of existing single-family homes in Florida rose 13 percent in the fourth quarter of 2008, compared to the fourth quarter of 2007, according to the Florida Association of REALTORS®.

This is the second consecutive quarter that Florida has reported higher existing home sales. Sales were up 5 percent in the third quarter compared to the previous year.

Twelve Florida metropolitan statistical areas (MSAs) reported increases, as well as a growing number of smaller markets.

Lower price is one reason why sales are up. The statewide existing-home median sales price was $161,200 in the fourth quarter; a year earlier, it was $216,600--for a decrease of 26 percent.

But low lending rates have an impact as well. Holding mortgage rates to less than 5 percent will encourage more buyers and significantly stabilize the market, predicts Wayne Archer, director of University of Florida's Bergstrom Center for Real Estate Studies.
Posted by Fred Hintenberger on February 14th, 2009 1:51 PMPost a Comment (0)
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