For the first time in nearly three years, existing home sales in Florida rose during the month of September compared to a year earlier. This follows the national trend for the month as sales across the state jumped 24 percent from September of 2007. Additionally, condo sales also increased by 11 percent from a year ago.
A total of 10,817 existing homes were sold across the state for the month, according the Florida Association of Realtors (FAR). The last time that number has increased was at the end of 2005. Fourteen of the state’s metropolitan statistical areas reported increases in September, with Daytona Beach reporting growth of 12 percent over the past year.
“The September sales report from the Florida Association of Realtors shows a 24 percent increase in the sales of existing homes in the state; this represents the sixth month in a row that the sales figure has exceeded its 12-month moving average (average of the previous 12 months),” says Dr. Sean Snaith, economist and director of the University of Central Florida Institute for Economic Competitiveness. “This is a clear sign that the significant price declines that have occurred across the state are leading to a more rapid absorption of the housing inventory.”
The median sales price for existing homes in September was $175,100, which is 22 percent lower than last year’s $224,700. For the past five years, prices have shown an increase of 10.3 percent overall. The statewide existing condo median sales price last month was $153,800; in September 2007 it was $197,000 for a 22 percent decrease over the past year.
Online property auctions are now in vogue allowing overseas buyers to snap up a Florida bargains from the comfort of their own homes. The latest auction is being promoted by Florida mortgage company The British Homes Group, it is due to take place on November 8th 2008 and will feature brand new luxury home from resorts at Hammock Beach, Reunion Kissimmee and Bella Collina
More details: Florida Property Auctions
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