Industry News

Real estate prices soar in Florida

Sales plunge in October

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While closing delays, difficulties obtaining homeowners' insurance and problems with repairing hurricane damage slowed home sales in Florida, the statewide median sales price grew 20 percent in October from a year ago, according to the Florida Association of Realtors. Last month's median home price climbed to $190,800 from October 2003's $159,600. Since 2004 began, the statewide median sales price has shown double-digit gains each month, according to FAR. In 1999, FAR records show the statewide median sales price was $104,700, resulting in an increase of 82.2 percent over the five-year-period. Home sales for October fell 11 percent from a year ago, with Realtors reporting a total of 16,811 existing single-family homes sold last month compared to 18,949 homes a year ago. Among the state's larger markets, the Tampa-St. Petersburg-Clearwater metropolitan statistical area (MSA) reported that, in spite of the hurricanes' impact, existing-home sales remained at virtually the ...