In a press release dated January 26, 2009 the Florida Association of Realtors® (FAR) announced that Florida's existing home sales rose 27 percent in December of 2008 with a total of 11,053 homes sold statewide versus a year ago and rose 28.9 percent in comparison to November 2008 statewide sales.

December statewide sales of existing condo markets also increased 37.7 percent over total units sold in November.   This marks the third recent month (following September and October) for higher statewide existing home and exisiting condo sales.  In a year-to year comparison of Florida condos, 3,138 units sold statewide compared to 2,814 sold a year ago for a total 12 percent increase.

While overall sales have softened nationally in recent months, NAR’s latest housing outlook noted increasing activity in Florida markets. “Sales are rising in areas with large numbers of distressed properties as bargain hunters take advantage of discounted home prices,” said NAR Chief Economist Lawrence Yun. “It is imperative to provide incentives for homebuyers to get back into the market. It also depends on how effectively Congress and the new administration can help facilitate the short sales process and unclog the mortgage pipeline – impediments remain for some buyers with good credit.”

Last month, interest rates for a 30-year fixed-rate mortgage averaged 5.29 percent, which is significantly lower than the average rate of 6.10 percent in December 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Source:  www.floridarealtors.org

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