Thursday, September 22, 2011

Florida sales market stabilizing as prices, activity increase

Sales activity and median sale price for existing Florida homes and condominiums rose in August, according to a report released by Florida Realtors.

Statewide, 16,026 homes were sold in August, up 15 percent from a year ago. The median sale price of Florida homes increased 2 percent. There was also a 17 percent year-over-year increase in the number of condos, 7,098, sold in Florida, and the median price was 12 percent greater than last year's average prices.

Sales of distressed properties, which are especially prevalent in Florida, are pushing down prices, according to the report.

In Miami, home sale activity gained 49 percent to 951 sales, while the price declined 1 percent. Condos in Miami increased 13 percent in price and activity rose 53 percent.

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