Fort Lauderdale home sales up 12% in August

For the second month in a row, several of Florida’s metropolitan statistical areas (MSAs) reported increased sales of both existing single-family homes and existing condos in August 2008, according to the latest housing statistics released by the Florida Association of Realtors® (FAR).

A total of 10,847 existing homes sold statewide last month while 11,282 homes sold in August 2007, a decrease of 4 percent in the year-to-year comparison, according to FAR.

Florida Realtors are noticing signs that investors think the market has reached bottom in many areas, and they are preparing to jump in while prices remain below value. Industry analysts hope that the federal government’s financial rescue plan will boost the housing market and help restore confidence.

The latest housing outlook from the National Association of Realtors® (NAR) predicts that existing home sales nationwide will improve in the coming months, though the speed and timing of a recovery depends on local market conditions. “Sales have picked up significantly in several Florida and California markets,” says NAR Chief Economist Lawrence Yun.

Seven of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in July; seven MSAs also showed gains in condo sales. Many Realtors around the state are noting a rise in pending sales, more telephone calls and increased business activity in their markets, indicating heightened buyer interest.

Among the state’s large to medium-size markets, the Fort Lauderdale MSA reported a total of 604 homes sold in August compared to 538 homes a year ago for a 12 percent increase. In the year-to-year comparison for the existing condo market, sales activity remained stable with a total of 550 existing condos sold in the MSA last month compared to 551 condos the previous August.