Florida’s Existing Home, Condo Sales Surge in February

Florida's existing home and condo sales rose on both a month-to-month and year-over-year basis in February, according housing data released Tuesday by ""Florida Realtors."":http://www.media.floridarealtors.org/

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With a total of 11,890 homes sold statewide last month, existing home sales increased 21 percent from February 2009. This marks the 18th consecutive month that sales activity has increased in the year-to-year comparison. The Sunshine State's existing home sales last month also jumped 13.6 percent compared to January of this year.

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The increase in existing condo sales was even more impressive. Last month, 5,085 condos were sold in Florida, soaring 59 percent from a year earlier. Statewide existing condo sales also rose 9.8 percent over the total units sold in January.

According to Florida Realtors, 17 of the state's metropolitan statistical areas (MSAs) reported increased home sales in January, and all but one MSA had higher condo sales.

The notable growth in Florida's existing home and condo sales may be due to the decreasing prices of these properties.

In February 2010, Florida's median sales price for existing homes was $131,300, a 7 percent decline from the same month in 2009. During this same period, the statewide existing condo median sales price plummeted 15 percent to $109,100.

The median price for existing homes and condos in Florida was significantly lower than the national average. In January 2010, the national median price for existing homes was $163,600, and it was $172,400 for existing condos.