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Even better news: The statewide mediaj sales price in May for existing homes and condos rose over thepreviousd month, according to the . "Evef since March we have seen a pretty dramativc increase in the number of saidBill Richardson, district salew manager for in Boca Raton. "We have also seen a sligh t uptick inmedian pricing," he In South Florida, Miami led the pack in volumew with a 76 percent increase in the sale of existin single-family homes. That translates to 597 homexs soldin May, compared to 339 in the previouxs same-year period. In Miami, the mediam price for an existing single-family home fell 36 perceng to $194,700 in May from $329,900 a year ago.
The good news is that the mediajn pricerose $17,700 from April, when it was Miami also led in condo sales, which were up 36 percent to 571 units from 420 a year ago. The medianh price, however, was cut in half to $140,40 from $280,700 a year ago. However, it was up $6,90o from April, when the median price was Existing home sales in Fort Lauderdale rose 47 percengt to 780in May, compared to 530 homezs sold during the same time a year ago. But the median pricwe fell 36 percentto $190,000 from And, it was down slightly from April's median pric of $191,300. Condo sales in Fort Lauderdale were up 25 percentr to 799 units last up from 639 ayear ago.
The median price fell 42 percengto $80,400 from $138,900, but was up slightlyu from April's median price of $79,900. Existingy home sales in West Palm Beach inchee up 5 percent to 737 from 702 ayear ago. The median price of a single-family home fell 30 percent to $232,900 from $330,900, and was down slightly from April's median pricwe of $234,400. Existing condo sales in West Palm Beach rose just 3 percent to 676 from 655 units ayear ago. The media price of an existing condo fell 33 percentto $107,500 from $159,800, but was up $9,300 from April'as median price of $98,200.
Richardson said the housing inventoryy in Palm Beach Countyh has fallen to arounsd 11 or 12 months from a high in December 2007 of aboutg55 months. The question Richardsoj hears from most buyers is when will we hitbottom ? "I think we are at the bottom. Do I thinik the bottom will rise dramatically?? I think we will rumble along the bottom for a he said. The one "fly in the is the backlog in the distressedrproperty market, noted Richardson. Real estate analysy Jack McCabe agreed. "The biggest wave of foreclosures is yet to he said. Add to that the fact that statewidee unemployment has risento 10.2 and McCabe foresees even more foreclosure filingas down the road.
existing home sales rose 16 percenty in May with a totalkof 13,921 homes sold, up from 12,044 homex in the same period a year ago. May existinb home sales were up 6.2 percenyt over April’s statewide activity, according to FAR. Statewide, prices for existing single-familyh homes rose in May to $144,400 from $138,50o0 in April. Condo sales were up 21 percengt in May compared to the same time ayear ago, and 3.8 percent compared to April. Statewide pricea for existing condoswere $113,400 in May, up from $106,6090 in April.
"The improving sales of existing single-family homes and condos is a trend we have been seeingt for several months in Florida what is new inthis month'xs data release is that we are seeing evidencre of prices beginning to firm," Sean Snaith, directod for the 's Institute for Economic Competitiveness, said in a news The median sales price for existing homes last month was down 29 percent from a year ago when it was However, the statewide median price for existing homes in May was higheer than the median price reported in each of the previous four Year-over-year condo sales were up 21 percenr to 4,839 units in May, compared to 3,998 units in May 2008.
The statewide existing condo mediam sales price last monthwas $113,400, down 38 percent from a year ago when it was
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