Several Florida Metro Areas Continue Upswing in Existing Home, Condo Sales in August 2008, According to Florida Association of Realtors(r)

ORLANDO, FL/PRNewswire/ -- For the second month in a row, several of Florida's metropolitan statistical areas (MSAs) reported increased sales of both existing single-family homes and existing condos in August 2008, according to the latest housing statistics released by the Florida Association of Realtors(R) (FAR).



"Despite economic uncertainty and the start of the school year, which impacts August home sales, a number of Florida's metro areas continue to report an upswing in housing activity," says 2008 FAR President Chuck Bonfiglio.(top right photo)

"Florida Realtors are noticing signs that investors think the market has reached bottom in many areas, and they are preparing to jump in while prices remain below value. Industry analysts hope that the federal government's financial rescue plan will boost the housing market and help restore confidence."

(For a complete area-by-area listing of sales and activity, please contact Marla Martin, Communications Manager, ext. 2326, or Jeff Zipper, Vice President of Communications, ext. 2314, +1-407-438-1400, both of Florida Association of Realtors

Web site: http://media.living.net/

(530 East Central Condos, Downtown Orlando, middle right photo)

Seven of Florida's metropolitan statistical areas (MSAs) reported increased sales of existing homes in July; seven MSAs also showed gains in condo sales.

(Fort Lauderdale, FL yacht dock, middle left photo)

Many Realtors around the state are noting a rise in pending sales, more telephone calls and increased business activity in their markets, indicating heightened buyer interest

.Among the state's large to medium-size markets, the Fort Lauderdale MSA reported a total of 604 homes sold in August compared to 538 homes a year ago for a 12 percent increase. The existing home median sales price was $269,800; a year ago, it was $368,800 for a 27 percent decrease.

In the year-to-year comparison for the existing condo market, sales activity remained stable with a total of 550 existing condos sold in the MSA last month compared to 551 condos the previous August. The market's existing condo median price was $133,300; a year ago, it was $178,800 for a 25 percent decrease.

A total of 10,847 existing homes sold statewide last month while 11,282 homes sold in August 2007, a decrease of 4 percent in the year-to-year comparison, according to FAR.

Florida's median sales price for existing homes last month was $186,900; a year ago, it was $234,100 for a 20 percent decrease.

But, looking back to August 2003, the statewide median sales price for single-family homes at that time was $163,600 -- an increase of 14.2 percent over the five-year-period, according to FAR records.

The median is the midpoint; half the homes sold for more, half for less.