Florida existing home sales increase

Florida’s existing home and condominium sales rose in March 2011, according to the latest housing report released by Florida Realtors.

Existing home sales increased 12% during March 2011 with a total of 18,522 homes sold statewide compared to 16,540 homes sold statewide in March 2010. Florida’s median sales price for existing homes last month was $126,300 compared to a year ago figure of $136,000 which is a 7% decrease.

In addition, in Florida’s year-to-year comparison for condominiums, 9,703 units sold statewide in March 2011 compared to 7,830 units in March 2010 for an increase of 24%. The statewide existing condominium median sales price last month was $84,300, whereas in March 2010 it was $94,800 for an 11% decrease.

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home and existing condominium sales in March 2011. This is the fourth consecutive month that Florida Realtors has reported higher year-over-year existing home and existing condominium sales across the State of Florida.

Ample supply of available housing at very attractive prices coupled with historically low interest rates and restored consumer confidence are fueling the apparent uptick in real estate sales across the Sunshine State.

Furthermore, a strengthening economy will continue to support this upward trend in real estate transactions in Florida. Interested buyers should consult with a highly qualified Florida Title Insurance Company to guide them through the purchase process.

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