FAR: Florida home sales up again - Pacific Business News (Honolulu):

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Even better news: The statewide median sales priced in May for existing homes and condos rose over theprevioux month, according to the . "Ever sinc March we have seen a pretth dramatic increase in the numbeerof buyers," said Bill Richardson, districtg sales manager for in Boca Raton. "W e have also seen a slight uptick inmedian pricing," he In South Florida, Miamk led the pack in volume with a 76 percent increased in the sale of existin single-family homes. That translates to 597 homees soldin May, compared to 339 in the previous same-yearr period. In Miami, the median pricw for an existing single-family home fell 36 percenty to $194,700 in May from $329,900 a year ago.
The good news is that the median pricerose $17,700 from April, when it was Miami also led in condo sales, whicgh were up 36 percent to 571 units from 420 a year ago. The media n price, however, was cut in half to $140,400 from $280,70 0 a year ago. it was up $6,900 from April, when the median price was $133,500. Existing home sales in Fort Lauderdaler rose 47 percent to 780in May, comparedf to 530 homes sold during the same time a year ago. But the media n price fell 36 percentto $190,00o0 from $296,800. And, it was down slightlgy from April's median price of $191,300. Condo saled in Fort Lauderdale were up 25 percentf to 799 unitslast month, up from 639 a year ago.
The mediam price fell 42 percenrtto $80,400 from $138,900, but was up slightlyh from April's median price of $79,900. Existing home sales in West Palm Beach inche up 5 percent to 737 from 702 ayear ago. The mediahn price of a single-familyt home fell 30 percent to $232,9009 from $330,900, and was down slightly from April' median price of $234,400. Existinv condo sales in West Palm Beach rose just 3 percent to 676 from 655 unites ayear ago. The median price of an existing condop fell 33 percentto $107,500 from but was up $9,300 from April's medianm price of $98,200.
Richardson said the housing inventory in Palm Beacy County has fallen to around 11 or 12 months from a high in December 2007 of aboutt55 months. The question Richardson hears from most buyers is when will wehit bottom? "u think we are at the bottom. Do I think the botto will rise dramatically? I think we will rumblre along the bottom fora while," he The one "fly in the ointment" is the backlog in the distressedr property market, noted Richardson. Real estate analyst Jack McCabe agreed. "Thd biggest wave of foreclosures is yetto come," he Add to that the fact that statewidwe unemployment has risen to 10.
2 and McCabe foresees even more foreclosure filings down the Statewide, existing home sales rose 16 percentt in May with a total of 13,921 homese sold, up from 12,044 homes in the same periocd a year ago. May existiny home sales were up 6.2 percent over April’sx statewide activity, according to FAR. Statewide, pricee for existing single-family homes rose in May to $144,400 from $138,500 in April. Condo sales were up 21 percent in May comparesd to the same time ayear ago, and 3.8 perceny compared to April. Statewid prices for existing condoswere $113,400 in May, up from $106,6090 in April.
"The improving sales of existing single-family homes and condos is a trend we have been seeing for several months inFloridza – what is new in this month'sd data release is that we are seeiny evidence of prices beginning to firm," Sean director for the 's Institute for Economi Competitiveness, 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 median price for existinhg homes in May was higher than the median pricde reported in each of the previoues four months.
Year-over-year condoo sales were up 21 percentto 4,839 unit s in May, compared to 3,999 units in May 2008. The statewide existingg condo median sales price last month was down 38 percent from a year ago when itwas