Florida Home Resales Rise 24 Percent
Historically low mortgage rates fueled sales of existing single-family homes in Florida in third quarter 2003, with statewide resales activity from July through September demonstrating a 24 percent increase, according to the Florida Association of Realtors® (FAR). During the three-month period, a total of 59,446 homes changed hands compared to 48,080 homes a year ago. Realtors across Florida reported that buyers' avid demand for homes resulted in tight inventories in many markets, particularly for residences priced under $200,000.
The statewide median sales price in third quarter 2003 rose 13 percent to $163,700; a year ago, it was $144,600. For third quarter 1998, the statewide median sales price of existing single-family homes was $104,500, translating to a 56.6 percent increase 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
