Florida home sales dive, prices follow

Florida's resale real estate market cooled further in October, as single-family home sales tumbled for the 11th straight month and prices in many major markets declined, the Florida Association of Realtors reported.

A total of 12,773 existing single-family homes sold statewide last month, down 22 percent from the 16,407 homes sold a year ago. The overall existing-home median price last month of $242,500 was down 0.4 percent from $243,400 a year ago.

For resale condos, sales statewide registered 3,440 in October, down 31 percent from the 5,001 sales in October 2005. The statewide median sales price for condos fell to $209,200 last month, off 2 percent from $213,600 a year earlier.

Among the state's larger markets, the Fort Lauderdale metropolitan statistical area (MSA) reported 591 existing homes sold last month, up 5 percent from 561 homes sold a year ago. The market's median existing-home price decreased 5 percent during the period, falling from $368,900 to $349,400.

A total of 580 existing condos changed hands in Fort Lauderdale in October for a 21 percent decrease over the 737 condos sold the previous year. The market's median existing condo price gained 8 percent during the period -- from $194,500 to $210,100.

Of the state's smaller markets, the Fort Pierce-Port St. Lucie MSA reported a total of 367 existing homes sold in October compared to 334 homes sold a year earlier -- a 10 percent increase. The area's median existing-home sales price dropped 8 percent to $242,400 last month, compared with $263,500 a year ago.

Fifty-three existing condos sold in the MSA last month for a 31 percent decrease from the 77 condos sold a year ago. The market's median existing condo price was $225,000, up 10 percent from $205,400 in October of last year.

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