Industry News

Florida maintains real estate demand

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Demand for single-family existing homes in Florida continues to climb with no peak in sight, as resales activity increased 21 percent in the first quarter of 2004, according to the Florida Association of Realtors. Overall, a total of 51,693 homes changed hands during January, February and March – 9,080 more than the 42,613 homes sold a year ago. The statewide median sales price rose 13 percent to $166,100 in the first quarter; a year ago, it was $146,900. In 1999, the first-quarter statewide median sales price was $101,900, translating to a 63 percent increase over the five-year period. Signs that the economy – both in Florida and nationwide – is gaining momentum prompted many buyers to take advantage of the still historically low interest rates in the first quarter and helped to boost resales numbers for the three-month period. According to Freddie Mac, the national average commitment rate for a 30-year conventional fixed-rate mortgage was 5.6 percent in first q...