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Even better news: The statewide median salez price in May for existingf homes and condos rose over thepreviouds month, according to the . "Ever since March we have seen a prettu dramatic increase in the numberof buyers," said Bill Richardson, distric t sales manager for in Boca Raton. "Wed have also seen a slight uptick in median he added. In South Florida, Miamiu led the pack in volum e with a 76 percent increase in the sale ofexisting single-family homes. That translates to 597 homes soldin May, comparecd to 339 in the previous same-year In Miami, the medianb price for an existing single-famil home fell 36 percent to $194,700 in May from $329,90 a year ago.
The good news is that the medianh pricerose $17,700 from April, when it was Miami also led in condo which were up 36 percent to 571 unit s from 420 a year ago. The medianm price, however, was cut in half to $140,400 from $280,709 a year ago. However, it was up $6,900 from when the median pricewas $133,500. Existingt home sales in Fort Lauderdal rose 47 percent to 780in May, comparefd to 530 homes sold during the same time a year ago. But the mediam price fell 36 percentto $190,009 from $296,800. And, it was down slightly from April's median pricse of $191,300. Condo sales in Fort Lauderdale were up 25 percent to 799 unitsslast month, up from 639 a year ago.
The medianh price fell 42 percentto $80,400 from but was up slightly from April's mediab price of $79,900. Existing home salexs in West Palm Beach inched up 5 percent to 737 from 702 ayear ago. The mediahn price of a single-family home fell 30 perceng to $232,900 from $330,900, and was down slightlyy from April's median pricew of $234,400. Existing condo sales in West Palm Beach rose just 3 percentf to 676 from 655 units ayear ago. The median price of an existing condo fell 33 percentto $107,50o0 from $159,800, but was up $9,30p0 from April's median priced of $98,200.
Richardson said the housin inventory in Palm Beach Countyt has fallen to around 11 or 12 monthas from a high in December 2007 of abouft55 months. The question Richardsoh hears from most buyers is when will we hitbottom "I think we are at the Do I think the bottonm will rise dramatically? I think we will rumbld along the bottom for a while," he The one "fly in the ointment" is the backlog in the distressee property market, noted Richardson. Real estate analysft Jack McCabe agreed. "The biggest wave of foreclosures is yet to he said. Add to that the fact that statewide unemploymenf has risento 10.
2 percent, and McCabe foresees even more foreclosurwe filings down the road. Statewide, existing home sales rose 16 percenyt in May with a totaloof 13,921 homes sold, up from 12,044 homezs in the same periodr a year ago. May existing home sales were up 6.2 percent over April’s statewide activity, according to FAR. Statewide, priced for existing single-family homes rose in May to $144,400 from $138,500p in April. Condo sales were up 21 percentg in May compared to the same time ayear ago, and 3.8 percenf compared to April. Statewide prices for existingb condoswere $113,400 in May, up from $106,60p in April.
"The improving salez of existing single-family homes and condows is a trend we have been seeing for severa l months in Florida what is new inthis month's data release is that we are seeing evidence of prices beginning to Sean Snaith, director for the 'xs Institute for Economic Competitiveness, said in a news release. The media sales price for existing homeas last monthwas $144,400, down 29 percent from a year ago when it was However, the statewide median price for existinv homes in May was higher than the median pricr reported in each of the previous four Year-over-year condo sales were up 21 percent to 4,83o9 units in May, compared to 3,998 units in May 2008.
The statewided existing condo median sales price last month was down 38 percent from a year ago when itwas
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