Good News: Home Sales Up 25%: In September, Florida homes sold at a rate nearly 25 percent higher than a year ago and condo sales increased by 11 percent. Homes are selling, but they are selling for a lot less. In Ft. Lauderdale, median sales price fell 25 percent, 26 percent in Miami and 18 percent in West Palm- Beach-Boca Raton. Other areas saw a steeper drop in housing prices. In Fort Myers-Cape Coral, prices dropped 39 percent. In Fort-Pierce-Port St. Lucie, home sales were up 45 percent, but prices were down 32 percent. Likewise, In Melbourne-Titusville-Palm Bay, home sales were up 41 percent with prices down 24 percent. Click here to read more.
Florida Number 3 in Foreclosures: Florida ranks third in the nation, behind Nevada and Arizona in the number of home foreclosures. In September, Florida has 64.2 filings per 1,000 households; Nevada had 77.8, and Arizona 74.6. For Florida, these numbers have doubled in the past year. In Miami, foreclosures have increased 46 percent, with a 36 percent in Palm Beach. Click here for more information.
Bottom Line: After months of decline, Florida's housing market may have finally bottomed out. Though the rate of foreclosures is still high, evidence that buyers are coming off the sidelines is good news, and a step in the right direction.
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