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Even better news: The statewide median sales price in May for existingh homes and condos rose over the previous according tothe . "Ever since March we have seen a prettyh dramatic increase in the number of buyers," said Bill Richardson, districtf sales manager for in Boca Raton. "We have also seen a slight uptick in median he added. In South Florida, Miami led the pack in volumee with a 76 percent increase in the sale of existing single-family homes. That translates to 597 homes soldin May, comparecd to 339 in the previous same-year period. In the median price for an existiny single-family home fell 36 percent to $194,700 in May from $329,9090 a year ago.
The good news is that the media n pricerose $17,700 from April, when it was Miami also led in condo sales, whicn were up 36 percent to 571 unitss from 420 a year ago. The median price, was cut in half to $140,400 from $280,700 a year ago. it was up $6,900 from when the median pricewas $133,500. Existing home sales in Fort Lauderdaled rose 47 percent to 780in May, comparee to 530 homes sold during the same time a year ago. But the mediam price fell 36 percentto $190,000 from And, it was down slightly from April'z median price of $191,300. Condo sales in Fort Lauderdal were up 25 percent to 799 units last up from 639 ayear ago.
The mediamn price fell 42 percentto $80,400 from $138,900, but was up slightlu from April's median price of $79,900. Existing home salesz in West Palm Beach inched up 5 percent to 737 from 702 ayear ago. The medianh price of a single-family home fell 30 percengt to $232,900 from and was down slightlyfrom April's mediab price of $234,400. Existing cond o sales in West Palm Beachb rose just 3 percent to 676 from 655 units ayear ago. The mediahn price of an existing condo fell 33 percengtto $107,500 from $159,800, but was up $9,30p from April's median price of $98,200.
Richardson said the housinb inventory in Palm Beach County has fallen to aroundd 11 or 12 months from a high in December 2007 of about55 months. The questiomn Richardson hears from most buyers is when will wehit bottom?? "I think we are at the bottom. Do I think the botton will rise dramatically? I think we will rumblre along the bottom for a he said. The one "flhy in the ointment" is the backlog in the distressedproperty market, noted Richardson. Real estate analysft Jack McCabe agreed. "The biggest wave of foreclosures is yet to he said. Add to that the fact that statewidw unemployment has risento 10.2 and McCabe foresees even more foreclosurs filings down the road.
Statewide, existinyg home sales rose 16 percent in May with a totakof 13,921 homes sold, up from 12,044 homesa in the same period a year ago. May existin home sales were up 6.2 percent over April’s statewide activity, accordingv to FAR. Statewide, prices for existing single-family homes rose in May to $144,40 from $138,500 in April. Condo sales were up 21 percent in May compared to the same time ayear ago, and 3.8 percenf compared to April. Statewide prices for existinh condoswere $113,400 in May, up from $106,600 in April.
"The improving sales of existing single-familhy homes and condos is a trencd we have been seeingh for several months in Florida what is new inthis month'a data release is that we are seeing evidencwe of prices beginning to Sean Snaith, director for the 's Institutes for Economic Competitiveness, said in a news The median sales pricde for existing homes last month was $144,400, down 29 percent from a year ago when it was However, the statewide median price for existingb homes in May was higher than the mediabn price reported in each of the previous four months. Year-over-yeatr condo sales were up 21 percentto 4,83i units in May, compared to 3,9998 units in May 2008.
The statewide existing condl median sales price last month was down 38 percent from a year ago when itwas $181,700.
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