Industry News

Florida real estate prices jump

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The frenzied pace of existing-home sales in Florida eased in July, while the statewide median sales price rose 33 percent to $252,300, according to the Florida Association of Realtors. A year ago, the statewide median price was $190,300; in July 2000, the statewide median price was $119,600, according to FAR records. "The slowing of unit sales will lessen one pressure point lying behind the abnormally high rates of change in median sales prices," said David Scott, executive director of the Dr. Phillips Institute for the Study of American Business Activity and professor of finance at the University of Central Florida. "Expect the ascent in median prices to begin a gentle leveling off. Several factors lie behind this: (1) Inflation rates as recently reported have increased substantially; (2) rising gasoline prices are negatively pressuring household units on the spending side of economic activity; (3) Federal Reserve policymakers continue to increase short-term interest rates; and (4...