Florida Market Appears to Be Stabilizing

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The Florida housing market has been one of the hardest hit in the country, but sales of single family homes rose in Florida in July.  It was the first increase in sales in more than two years.  While only six more homes sold in July 2008 than in July 2007, it could indicate stabilization in Florida’s housing sector, according to the latest housing statistics released by the Florida Association of REALTORS®.  Florida’s median sales price for existing homes last month was $193,600, down 19 percent from July a year ago.  But that number isn’t so dramatic when you consider that the statewide existinghome median price was $164,000 in 2003.  More than half of Florida’s metropolitan statistical areas reported increased sales of existing homes in July; seven MSAs also showed gains in condo sales.

Source: Florida Association of REALTORS® (08/25/2008)

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