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 today by Florida Realtors.

Statewide, 16,026 homes were sold in August, up 15 percent from a year ago. The median sale price of a Florida home increased 2 percent to $137,500. Nationally, the median sales price for an existing single-family home was $168,400, down 5.4 percent from a year ago, according to a National Association of Realtors report.

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 $91,100 -- 12 percent greater than last year's $81,500 average price. Nationally, NAR said the median condo sold for $167,500 in August.

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 to $180,900. Condos in Miami increased 13 percent in median price to $118,800, and activity rose 53 percent.

In Fort Lauderdale, home prices increased 5 percent to $191,8000 while condo prices increased 6 percent to $79,500. Sales activity rose 19 percent for homes and 21 percent for condos in the area. -- Adam Fusfeld

Tags: existing home sales florida realtors nar national association of realtors