Home Sales Rise: It is not all doom and gloom!

Florida’s existing home sales increased in March, making it the seventh month in a row that sales activity demonstrated gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). March’s statewide sales also increased over the previous month’s sales level in both the existing home and existing condo markets.

Existing home sales rose 30 percent last month with a total of 13,085 homes sold statewide compared to 10,080 homes sold in March 2008, according to FAR. Statewide existing home sales in March were 32.7 percent higher than February’s statewide sales.  Statewide existing condo sales last month increased 37.2 percent over the total units sold in February.

Florida’s median sales price for existing homes last month was $141,300; a year ago, it was $201,700 for a 30 percent decrease. Industry analysts with the National Association of Realtors® (NAR) report there is a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures.  The statewide existing condo median sales price last month was $108,700; in March 2008 it was $172,300 for a 37 percent decrease.

Interest rates for a 30-year fixed-rate mortgage averaged 5 percent last month, down significantly from the average rate of 5.97 percent in March 2008, according to Freddie Mac.

Be sure to search all available homes and take advantage of the amount of inventory, prices, and interest rates. There is never a better time to buy!

(Above information courtesy of: 2009 © FLORIDA ASSOCIATION OF REALTORS)