Sales Inch Up for Florida Real Estate

The real estate business is improving in Florida, a state that was among the hardest hit by foreclosures. Sales of existing single-family homes in Florida rose 13 percent in the fourth quarter of 2008, compared to the fourth quarter of 2007, according to the Florida Association of REALTORS®. This is the second consecutive quarter that Florida has reported higher existing home sales. Sales were up 5 percent in the third quarter compared to the previous year. Twelve Florida metropolitan statistical areas (MSAs) reported increases, as well as a growing number of smaller markets. Lower price is one reason why sales are up. The statewide existing-home median sales price was $161,200 in the fourth quarter; a year earlier, it was $216,600--for a decrease of 26 percent. But low lending rates have an impact as well. Holding mortgage rates to less than 5 percent will encourage more buyers and significantly stabilize the market, predicts Wayne Archer, director of University of Florida's Bergstrom Center for Real Estate Studies.

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