Industry News

Florida real estate sales rebound

Home sales pick up after 2-month lull

As sales of Florida's existing single-family homes rebounded in August from a two-month decline, the median home price continued an impressive upward trend, according to the Florida Association of Realtors.   Statewide, a total of 21,318 homes changed hands in August, up 4 percent from 20,491 homes a year ago.   The statewide median sales price rose 31 percent last month to $246,500; a year ago, it was $188,700. In 2000, the statewide median sales price for single-family existing homes was $117,100, which translates to an increase of about 97.8 percent over the five-year period, according to FAR records.   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, noted "that just as double-digit rates of growth are impossible to sustain in the overall economy, such gains also are not sustainable in the home resale market. It appears that "a mild...