Florida Home Sales Increase

Home sales in South Florida are on the rise as prices continue to plumb the depths. The low prices and great deals are bringing many potential investors and buyers into the market, and sales are seeing a spark. Broward County, just north of Miami, saw its median price for existing homes in May fall to $190,000, which is down 36 percent from a year ago. In May of 2008 the median price was $296,000. Sales for the month were up 47 percent from a year ago.

 

The huge drop in prices is bringing out buyers, and there are plenty of deals to be had in the popular holiday destinations of Central and South Florida. Palm Beach County, to the north of Fort Lauderdale and Broward County, also saw prices down and sales up, though the swings were not quite as dramatic. The median price in Palm Beach County was $232.900 for May, down 30 percent from 2008, while sales rose five percent.

 

For the state as a whole, existing home sales rose 16 percent in May over April, with 13 of the major metro areas showing increased sales. For the entire state, the median price in May was $144,400 compared to $203,800 in 2008.

 

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