Industry News

Florida home sales fall 24%

Median price, inventory levels continue climb

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Existing-home sales in Florida dropped 24 percent in May from the previous year, while median prices and inventory of homes available for sale continued to rise, according to an industry trade group. A total of 18,680 existing single-family homes were sold in the state last month, down from 24,523 homes sold the previous May, the Florida Association of Realtors reported. Statewide, the existing-home median price rose 11 percent to $256,400 last month; a year ago, it was $232,000. The median is a typical market price where half the homes sold for more and half sold for less. Sales of existing condos also decreased in May, with a total of 5,725 condos sold statewide compared to 8,337 in May 2005 for a 31 percent decline, according to FAR. The statewide median sales price for condos remained relatively flat last month at $222,000; a year ago, it was $222,100. The national median existing condo price in April 2006 also was $222,000. Among the state's larger markets, the Jacksonville metro...