Florida Median sales price for single family homes up 18 percent

Sunny Isles Beach Broker Real Estate News

Florida’s median sales price for existing homes last month was $193,600; a year ago, it was $238,900 for a 19 percent decrease. But, looking back to July 2003, the statewide median sales price for single-family homes has increased 18 percent over the five-year-period, according to FAR records – at that time, the statewide existing-home median price was $164,000. Thus making an investment into real estate still safer than into stocks – as former K-Mart , Enron or Worldcom shareholders will testify, whose assets (stocks) were simply declared valueless after those companies collapsed (The median is the midpoint; half the homes sold for more, half for less).

More than half of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in July; seven MSAs also showed gains in condo sales. Realtors around the state reported increased business activity, including more telephone calls, more home showings and a rise in pending sales.

Industry analysts predict that the housing stimulus bill recently passed by Congress should help boost the housing sector’s recovery. Existing home sales nationwide are expected to show some modest improvement in the coming months, according to the latest housing outlook from the National Association of Realtors® (NAR). “With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009,” says NAR Chief Economist Lawrence Yun.