Florida existing home and condo sales rise in November while prices drop

Florida’s existing home sales rose 61 percent last month, marking 15 straight months of increased sales activity, according to the latest housing data released by Florida Realtors. November marked the second month in a row that all of the state’s metropolitan areas reported increased existing home sales and higher condo sales. Meanwhile, the median sales price for existing homes was $139,000 last month, down $19,200 from this time last year. The National Association of Realtors attributed the price drop to foreclosure and other distressed property sales. In the condo sector, 4,889 units sold in November compared to 2,320 in November of last year, marking an increase of 111 percent. The surge in condo sales was accompanied by a drop in prices, however. The existing condo median sales price last month was $104,400, down 21 percent from $131,400 in November of 2008. TRD