Housing

South Florida Business Journal

Florida home, condo sales rise, price decline.

Sales of existing homes and condos in South Florida rose in January, though prices continued to fall.

Statewide, existing home sales were up 28 percent last month, to 10,465 homes sold from 8,174 homes sold a year ago, according toFlorida Realtors. Existing condo sales rose 81 percent statewide compared to the previous year's sales figure.

West Palm Beach saw the biggest jump in home sales in the tri-county area, up 48 percent to 546 in January from 369 a year before. But, prices were down, with the median price falling to $238,600 from $343,200 in January 2009.

Existing condo sales in West Palm Beach rose even higher – 56 percent, year-over-year – to 585 from 375, with the median price down 14 percent, to $93,700 from $108,900.

Existing home sales in Fort Lauderdale were up 5 percent in January, to 492 from 467 a year earlier. The median price, however, fell 6 percent, to $180,000 from $191,000.

Existing condo sales in Fort Lauderdale were up 47 percent, to 780 from 531. The median price fell 18 percent, to $69,500 from $85,000.

In Miami, single-family home sales rose 7 percent to 436 from 407. The median sales price dropped 12 percent to $183,400 from $208,100. Existing condo sales in Miami rose 42 percent, to 540 from 379. The median sales price slid 5 percent, to $141,700 from $149,100

"Now is the time for anyone thinking of buying a home in Florida to make that decision," Florida Realtors President Wendell Davis said in a news release. "Markets across the state are seeing increased sales, yet conditions remain very favorable with still-low mortgage rates, a range of housing inventory and attractive prices.”

Statewide, the median sales price for existing homes last month was $130,900, down 14 percent from a year ago, when it was $151,500.

Statewide, 4,631 condo units sold last month, up 81 percent from 2,554 units sold in January 2009. The statewide median sales price for existing condos last month was $97,300, down 14 percent from January 2009, when it was $113,300.

The national median sales price for existing single-family homes in December 2009 was $177,500, up 1.4 percent from a year earlier, according to the National Association of Realtors.

"With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices," NAR Chief Economist Lawrence Yun said in a news release