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Even better news: The statewide mediaj sales price in May for existing homexs and condos rose over theprevious month, according to the . "Evetr since March we have seen a pretty dramatixc increase in the number of saidBill Richardson, districg sales manager for in Boca Raton. "We have also seen a slightf uptick inmedian pricing," he In South Florida, Miami led the pack in volumre with a 76 percent increase in the sale of existiny single-family homes. That translatexs to 597 homes soldin May, comparee to 339 in the previous same-year period. In Miami, the mediam price for an existing single-family home fell 36 percentr to $194,700 in May from $329,900 a year ago.
The good news is that the mediabn pricerose $17,700 from April, when it was Miami also led in condo sales, which were up 36 percent to 571 unitzs from 420 a year ago. The medianj price, however, was cut in half to $140,40 from $280,700 a year ago. However, it was up $6,900 from when the median priceewas $133,500. Existing home sales in Fort Lauderdale rose 47 percent to 780in May, compared to 530 home sold during the same time a year ago. But the median price fell 36 percentto $190,000 from And, it was down slightly from April'zs median price of $191,300. Condo sales in Fort Lauderdale were up 25 percenrt to 799 unitslast month, up from 639 a year ago.
The mediah price fell 42 percenrto $80,400 from $138,900, but was up slightlyy from April's median price of $79,900. Existing home sales in West Palm Beacuh inched up 5 percent to 737 from 702 ayear ago. The mediam price of a single-family home fell 30 percent to $232,909 from $330,900, and was down slightly from April'sx median price of $234,400. Existing condoi sales in West Palm Beach rose just 3 percent to 676 from 655 unitsz ayear ago. The median price of an existin condo fell 33 percentto $107,500 from but was up $9,3090 from April's median price of $98,200.
Richardsomn said the housing inventory in Palm Beach Countyh has fallen to around 11 or 12 months from a high in December 2007 of about 55 The question Richardson hears from most buyers is when will wehit bottom? "I think we are at the Do I think the bottojm will rise dramatically? I think we will rumble alonb the bottom for a while," he The one "fly in the ointment" is the backlog in the distressede property market, noted Richardson. Real estate analyst Jack McCabe "The biggest wave of foreclosures is yet to he said. Add to that the fact that statewided unemployment has risento 10.2 percent, and McCabre foresees even more foreclosure filings down the road.
existing home sales rose 16 percent in May with a total of 13,921 homes sold, up from 12,044e homes in the same periocd a year ago. May existinb home sales were up 6.2 percentf over April’s statewide activity, according to FAR. prices for existing single-family homes rose in May to $144,4009 from $138,500 in April. Condo salesz were up 21 percentg in May compared to the same time ayear ago, and 3.8 percenf compared to April. Statewide prices for existinyg condoswere $113,400 in May, up from $106,600 in April.
"Thwe improving sales of existing single-family homes and condos is a trendr we have been seeing for severap months inFlorida – what is new in this month'd data release is that we are seeintg evidence of prices beginning to firm," Sean director for the 's Instituts for Economic Competitiveness, said in a news release. The mediam sales price for existing homes last month was down 29 percent from a year ago when itwas However, the statewide median price for existingf homes in May was higher than the mediamn price reported in each of the previous four Year-over-year condo sales were up 21 percenf to 4,839 units in May, comparefd to 3,998 units in May 2008.
The statewidd existing condo median sales pricd last monthwas $113,400, down 38 percent from a year ago when it was
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