• Existing home sales increased 24 percent last month with a total of 16,294 homes sold

• Condo sales  increased by 63 percent
• Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in March while all MSAs had higher condo sales.
• Florida's median sales price for existing homes last month was $137,000; a year ago, it was $141,300 for a 3 percent decrease. (Industry analysts with the National Association of Realtors® (NAR) state that sales of foreclosures and other distressed properties distort the median price as they generally sell at a discount relative to traditional homes.)

NAR's  anticipated  rise in home sales in late spring,  should help to absorb inventory...

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According to the latest housing reports released by Florida Realtors®, Florida's existing home and condo sales are higher than last year,

• Existing home sales rose 31 percent by the end of 2009 compared to year previous
• Existing condos sales  increased 47 percent  by end of 2009 compared to year previous.

Florida Realtors® report that,  17 of Florida's metropolitan  areas (MSAs) reported an increase existing home sales, while 18 MSAs had higher condo sales through the period. A majority of the state's MSAs have reported a trend of increased sales for 18  months in a trot.

• Tampa-St.Petersburg-Clearwater area was found to have the highest number of  existing home sales and the median home price for 2009 was $135,000, 2008 saw it sitting at $169,500
• West Palm Beach-Boca Raton reported the states highest existing condo sales. The median sales price for a condo in this area was $107,300 at end of 2009 and sat at   $143,800 at end of 2008.
• Florida's median sales price for existing homes at year end 2009 was $142,600; in 2008, it was $187,700...a 24 percent decrease.
•  The national median existing single-family home price was $171,900 in November, down 4.4 percent from a year ago, according to the National Association of Realtors®. 

NAR predicts the housing recovery to gain steam in the  second half of 2010. NAR Chief Economist Lawrence Yun spoke of home-buyers taking advantage of the recently extended and  expanded tax credit  and  that this would in turn make an impact on Florida home sales activity by Spring.

Tax Credit Essentials...

• Qualified buyers who have signed a contract to buy a primary residence by April 30, 2010, have until June 30, 2010, to close the deal to qualify for the federal tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

Yun also proposed that the expanded tax credit and anticipated job growth would bolster home-buying,  this activity he predicts will absorb enough inventory to bring a rough balance between buyers and sellers. Home prices are expected to stabilize or even modestly rise as a result in 2010, according to NAR.

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