Industry News

Florida real estate prices defy hurricanes’ wrath

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Despite the impact of four hurricanes, Florida's existing-home prices reached new highs in 2004, the Florida Association of Realtors reported Friday. In November, the latest data available, the statewide median sales price reached $192,400 for the year-to-date – a 22 percent increase over the same period last year. Looking back to November 1999, Florida's median sales price at that time was $103,200, translating to an 86.4 percent gain over the five-year period. Since January 2004, the statewide median sales price has shown double-digit gains each month, according to FAR records. In November, the Naples MSA reported the highest median sales price, $369,900, while the Ocala MSA had the lowest median price at $113,000. Realtors across the state report tight inventories, particularly for residences priced under $200,000. In 2005, the National Association of Realtors expects the U.S. median existing-home price to rise 5 percent and the typical new-home price to grow by 5.8 percen...