South Florida existing home, condo sales rise.
Sales of existing homes and condos rose in all three South Florida counties and statewide, according to figures from Florida Realtors.
“Buyers responding to the federal homebuyer tax credit before it expired helped to boost home sales across Florida,” 2010 Florida Realtors President Wendell Davis said in a news release.
The median price of homes in all three counties also rose, though the same can’t be said for condos in two of the three counties.
West Palm Beach saw the biggest year-over-year jump, with 918 homes sold – up 35 percent from a year ago, when 681 homes sold. The median sales price was up 2 percent, to $239,100 from $234,400.
Condo sales in West Palm Beach rose 39 percent, to 1,024 units from 735 in April 2009. The median sales price rose 4 percent, to $102,000 from $98,200.
Fort Lauderdale home sales rose to 766, up 11 percent from 690 a year ago. The median sales price rose 7 percent, to $204,300 from $191,300. Condo sales there were up 30 percent, to 1,077 from 827 a year earlier. However, the median price of an existing condo slid 1 percent, to $79,300 from $79,900.
Miami saw the smallest increase in home sales in April, reaching 594, up 7 percent from 555 a year ago. The median price was up 8 percent, to $192,000 from $177,000. Miami condo sales rose 33 percent, to 723 from 542. The median price was down 3 percent, to $130,000 from $133,500.
Statewide, sales of existing homes rose 27 percent in April, to 16,781 homes sold from 13,244 homes sold the year before. Last month’s statewide existing-home median price of $140,100 was 1 percent higher than the statewide median price in April 2009, when it was $138,100.
Florida Realtors also reported a 55 percent increase in statewide sales of existing condos – to 7,291 in April from 4,703 a year ago. The median price slipped 3 percent, to $103,600 from $107,200.
According to the National Association of Realtors, two factors are influencing the numbers: a stabilization of home prices and lower levels of inventory.
“Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably,” NAR Chief Economist Lawrence Yun said in a news release. “With home values stabilizing, a revival in home-buying confidence will likely help the housing market get back on its feet, even as the tax credit impact disappears.”
