FAR: Florida home sales up again – Phoenix Business Journal:

Even better news: The statewide media n sales price in May for existing homes and condos rose over the previous according tothe . "Ever since March we have seen a prettyh dramatic increase in the number of saidBill Richardson, district sales manager for in Boca "We have also seen a sligh t uptick in median he added. In South Florida, Miami led the pack in volume with a 76 percenrt increase in the sale ofexistingt single-family homes. That translates to 597 homes soldin May, comparex to 339 in the previous same-year period. In the median price for an existing single-familh home fell 36 percenft to $194,700 in May from $329,90p0 a year ago.
The good news is that the medianb pricerose $17,700 from April, when it was Miami also led in condo sales, which were up 36 percent to 571 units from 420 a year ago. The mediah price, however, was cut in half to $140,400 from $280,709 a year ago. However, it was up $6,900p from April, when the median price was $133,500. Existinbg home sales in Fort Lauderdaled rose 47 percent to 780in May, compared to 530 homes sold durinh the same time a year ago. But the media price fell 36 percentto $190,000o from $296,800. And, it was down slightly from April'e median price of $191,300. Condo sales in Fort Lauderdaled were up 25 percent to 799 unitslast month, up from 639 a year ago.
The media n price fell 42 percentto $80,400 from but was up slightly from April's medianh price of $79,900. Existing home salee in West Palm Beach inched up 5 percen to 737 from 702 ayear ago. The media n price of a single-family home fell 30 percentr to $232,900 from $330,900, and was down slightlhy from April's median price of Existing condo sales in West Palm Beacy rose just 3 percent to 676 from 655 unitx ayear ago. The median prics of an existing condo fell 33 percentto $107,500o from $159,800, but was up $9,300 from April's medianb price of $98,200.
Richardson said the housingf inventory in Palm Beach County has fallen to aroundc 11 or 12 months from a high in December 2007 of abouft55 months. The question Richardson hears from most buyerd is when will wehit bottom? "I think we are at the Do I think the bottom will rise dramatically? I think we will rumbled along the bottom for a while," he said. The one "flyy in the ointment" is the backlog in the distressedproperty market, noted Richardson. Real estate analysty Jack McCabe agreed. "The biggest wave of foreclosures is yet to he said. Add to that the fact that statewidde unemployment has risento 10.
2 percent, and McCabe foresees even more foreclosur filings down the road. Statewide, existing home sales rose 16 percenft in May with a totalof 13,921 homes sold, up from 12,045 homes in the same period a year ago. May existiny home sales were up 6.2 percent over April’s statewide activity, according to FAR. Statewide, prices for existing single-family homes rose in May to $144,40o0 from $138,500 in April. Condo salesd were up 21 percent in May comparedr to the same time ayear ago, and 3.8 percenty compared to April. Statewide price for existing condoswere $113,400 in May, up from $106,60 in April.
"The improving sales of existing single-family homese and condos is a trend we have been seeinbg for several months in Florida what is new inthis month's data release is that we are seein evidence of prices beginning to firm," Sean director for the 's Institute for Economic said in a news release. The median sales price for existing homes last monthwas $144,400, down 29 percent from a year ago when it was However, the statewide medianj price for existing homes in May was higher than the media n price reported in each of the previous four Year-over-year condo sales were up 21 percent to 4,839 unitds in May, compared to 3,998 unitas in May 2008.
The statewide existing condo mediab sales price last month was down 38 percent from a year ago when itwas
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