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The first three months of 2010 marked the sixth consecutive quarter that sales in both the existing-home[IMAGE]
and condo markets in Florida increased on a year-over-year basis, according to housing statistics released Wednesday by ""Florida Realtors."":http://www.floridarealtors.org/
A total of 38,846 existing homes sold statewide in the first quarter of this year, up 24 percent from the same period last year. This is the seventh quarter in a row that Florida has seen higher existing-home sales from one year to the next, Florida Realtors said.
Data regarding sales of existing condos in the Sunshine State was even more impressive. With a total of 16,897 units sold statewide for the quarter, existing-condo sales surged 67 percent from the first quarter of 2009.
[COLUMN_BREAK]According to Florida Realtors, 17 of the state's metropolitan statistical areas (MSAs) reported increased home sales in the first quarter of 2010, and all MSAs showed gains in condo sales.
""The first quarter data release from the Florida Realtors paints a picture of a housing market continuing down the long road to recovery,"" said Dr. Sean Snaith, director for the ""University of Central Florida's Institute for Economic Competitiveness."":http://www.iec.ucf.edu/ ""Transactions in the single family market have extended quarterly year-over-year gains for nearly two years, and condo sales have also risen sharply.""
While sales have increased, median prices in most areas of the state have decreased, Snaith noted. However, he said the rate at which prices are falling has diminished significantly, which is an indication that a bottom is approaching.
In the first quarter of this year, the statewide existing-home median sales price was $133,800, down 5 percent from a year ago. During the same period, the median sales price for existing-condos fell 13 percent to $95,800.
""How long prices stay at the bottom and when price appreciation will reappear will depend in a large part on the improving fundamentals in the economy and credit markets,"" Snaith said.
