Florida's existing home sales rose by 14% in January in an annual comparison, according to Florida Realtors latest housing data. Sales of existing condominiums also rose in January in an annual comparison by 36%.

According to the National Association of Realtors (NAR) Chief Economist Lawrence Yun, Modest gains in the labor market and the improving economy are creating a more favorable backdrop for buyers, allowing them to take advantage of excellent housing affordability conditions. Mortgage rates should rise only modestly in the months ahead, so well continue to see a favorable environment for buyers with good credit.

The median sales price in Florida for the month of January was $122,200, revealing a 7% decrease in an annual comparison. The median sales price is determined by finding the midpoint; half of the homes sold for less than $122,200 and half of the homes sold for more.

According to mortgage giant Freddie Mac, mortgage rates for a 30 year fixed rate mortgage dropped in January in a monthly comparison to 4.76. As mortgage rates are closely tied in with long-term treasury bonds, they can change significantly even on a given day.