Industry News

Florida real estate prices soar in third quarter

Lower interest rates help sustain strong sales

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The median price of an existing single-family home in Florida increased significantly in the third quarter from a year ago, while home sales posted more modest gains, according to the Florida Association of Realtors. The statewide median sales price for third-quarter 2005 rose 31 percent to $248,600; a year ago, it was $189,900. For third quarter 2000, the statewide median sales price of existing single-family homes was $119,700, which translates as an increase of about 107.6 percent over the five-year period. The median is a typical market price where half of the units sold for more and half sold for less. Realtors reported a total of 64,978 homes changing hands during the three-month period for a 7 percent increase over the 60,462 homes sold in third quarter 2004. Interest rates for a 30-year, fixed-rate mortgage averaged 5.76 percent for the three-month period, even lower than the 5.89 percent reported during the same quarter in 2004. FAR's sales figures reflect closings, which typ...