Industry News

Demand for Florida real estate wanes

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Existing-home sales in Florida plummeted 34 percent in September from their year-ago level, falling for the 10th straight month, as several markets reported higher inventory levels, the Florida Association of Realtors reported. A total of 13,485 existing single-family homes sold statewide last month, down from the 20,451 homes sold during the previous September, according to FAR. Statewide, the existing-home median price slipped 1 percent to $243,900, down from $246,100 a year earlier. Sales of existing condos decreased 45 percent in September, with a total of 3,819 sold statewide compared with 6,930 in September 2005. The statewide median sales price for condos last month was $201,900, down 6 percent from $215,500 a year ago. Among the state's larger markets, the Miami metropolitan statistical area (MSA) reported 769 existing homes sold last month compared to 872 homes sold a year ago, for a 12 percent decline. The market's median existing home price remained flat at $371,700, compa...