Existing Condo Sales Rise in Florida

Existing Condo Sales Rise in Florida

Existing Condo Sales Rise in Florida

Existing condominium sales in Florida saw a rise of 11 percent during July. This equaled the sale of 5,557 condos across the state, a substantial increase over the 4,991 units sold during the same month last year. These figures are based on housing data collected by Florida Realtors.

The median sales price for existing condos sold during July reached only $87,200, a 20% fall since the July 2009 median price of $108,500. The median national price for existing condos was approximately $181,000 in June 2010, as reported by the National Association of Realtors. The sales of single-family homes reached 13,589, a decrease of 14% when compared to last year’s same month sales of 15,762. The median sales price for these homes was also lower by 7 percent.

Experts at the University of Central Florida’s Institute for Economic Competitiveness explain that the loss of the home buyer tax credit are responsible for this recent fall. They also say that an improving job market and falling unemployment rate will boost home sales in the near future. Some Realtors, including the President of the Florida Realtors Wendell Davis, also blame the Gulf oil spill and consumer worries over it’s impact on Florida’s beaches for lower condo and home sales.

Home sale experts estimate that home and condo sales will continue to be slow for a few more months as the job market improves, but should soon see improvements. The nationwide median price for single-family homes rose in June 2010 by 1.3 percent, reaching $184,200. This is a sign of improvement, according to many experts. Falling mortgage interest rates are expected to help home sales in the near future. The figures offered by the Florida Realtors are based on the number of home closings during the month, which usually happen between 30 and 90 days after a sales contact is signed.


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