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  3. Existing Home Sales in Florida jumped 21 Percent

Existing Home Sales in Florida jumped 21 Percent

Posted on Aug 11, 2010

According to Florida Realtors, sales of existing single-family homes jumped 21% in the state of Florida during the second quarter of this year in a yearly comparison to 2009.  Seventeen metropolitan statistical areas (MSA) across the state have reported increased sales of existing homes in a quarterly comparison.

 
One concern regarding the real estate market in Florida has become the Deepwater Horizon Disaster. According to Timothy Becker, Director of the University of Florida's Bergstrom Center for Real Estate Studies, in a report noted that the oil spill has created “a cloud of uncertainty that is affecting all markets across the state. Our respondents indicate that the effect of the oil spill is being felt across Florida despite the fact that oil is only showing up on some beaches in the Panhandle.”
 
According to Freddie Mac, the mortgage rates for a 30-year fixed rate mortgage nationally averaged 4.91 during the 2nd quarter.  Freddie Mac collects rates from lenders around the country on a weekly basis Monday through Wednesday.  As the rates are so closely tied in with treasury bonds, rates can change significantly even within a given day.
 
The existing-home median sales price in Florida came in at $141,300 during the 2nd quarter, these low prices combined with the low mortgage rates make Florida real estate a prime investment.
 

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