Industry News

Florida real estate values soar in October

Sales thrive in select markets

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Home prices across Florida continued to rise in October as sales dropped, notably in southern areas directly impacted by Hurricane Wilma's march across the state, according to the Florida Association of Realtors. Most insurers stopped issuing new policies when the hurricane neared Florida, and, following the storm, some lenders required a re-inspection of properties before they would release mortgage money, the association reported. Despite storm problems, however, the state's median home price rose 28 percent in October to $241,000, up from $188,800 in October 2004. In September 2005, the median price was $247,800. In October 2000, FAR records show the statewide median sales price was $116,100, resulting in an increase of 107 percent over the five-year period. Many Realtors across the state report gains in housing supply, giving buyers a larger selection of homes to consider. Statewide, a total of 16,029 existing single-family homes sold last month, down 5 percent compared with 16,8...