Florida Existing Home Sales Improve in May Compared to April 2008

ORLANDO, FL /PRNewswire/ -- Florida Realtors(R) statewide continued to report positive signs in their local housing markets, with an uptick in existing home and condominium sales in May 2008 from April, according to the latest housing statistics released by the Florida Association of Realtors(R) (FAR).

A total of 12,175 existing single-family homes sold in May, up 8.7 percent over the previous month when 11,200 homes changed hands statewide.

Existing condo sales statewide rose 3 percent, with a total of 4,018 units sold in May compared with 3,900 condos in April.The median price for both existing single-family homes and existing condos increased slightly as well during the one-month period.

The existing-home median price in May was $203,300, up 2.2 percent from April's median price of $198,900. The median price of an existing condo last month was $181,800, up 1.5 percent from April's figure of $179,200.

In the latest National Association of Realtors(R) (NAR) housing outlook, Chief Economist Lawrence Yun (top left photo) noted that pending sales contracts have increased markedly in areas experiencing significant price drops.

"Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it's unclear if they are investors or owner-occupants," he said. "Sharp price reductions are leading to a quicker discovery of price equilibrium points." Pending sales are based on contracts signed but not yet closed.

For a complete copy of FAR's release, please contact Marla Martin, Communications Manager, +1-407-438-1400, ext.2326, or Jeff Zipper, Vice President of Communications, +1-407-438-1400, ext.2314, both of Florida Association of Realtors(R)

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