Hop Right In and Get your Feet Wet, the Market is Just Fine Here in Florida!

 

Melbourne Real Estate News

The Florida Association of Realtors is reporting that home sales in Florida increased in December 2008.  11,053 homes were sold, which was an increase of 27%, over December 2007 at 8,712 homes sold statewide.  December was the fourth month in a row that the number of homes sold increased.

In December 2007 median sales prices on existing homes was $213,600.  In December 2008 the figure dropped to $155,500, a 27% decrease. This is positive news for homes buyers in the market. In addition, mortgage interest rates have dropped from 2007 to 2008. Last month they were approximately 5.29%.  A year earlier they averaged approximately 6.10%. That variation in interest rate allows a buyer to purchase more home with their money, than last year.

A total of 124,215 homes sold in Florida in 2008 compared to 129,855 in 2007.  This reflected a 4% drop from 2007 to 2008.

Home sales activity has been increasing across Florida, Arizona, Nevada and California; in areas with the largest numbers of short sales and foreclosures. First time home buyers, investors and buyers shopping for second homes or vacation homes appear to be making up the bulk of Florida purchasers today.


 

This article is authored by

Sandy Shores, Brevard County Real Estate

Melbourne Florida Real Estate News

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