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Existing home sales rise in Florida
August 10, 2011

Existing home sales and existing condominium sales in Florida rose during the second quarter of 2011 in an annual comparison, according to Florida Realtors latest housing statistics. Existing home sales saw a 1% increase in sales, while existing condominiums saw a 14% increase, however while comparing sales quarterly, existing homes jumped 17.7% and condominiums jumped 8.1%.

The median sales price on existing homes in Florida also saw a rise during an annual comparison, increasing from $134,600 to $141,500 during the second quarter of 2011. The median sales price means that half of the homes sold for more than the median and half of the homes sold for less.

According to Dr. Sean Snaith, the director of the University of Central Florida's Institute for Economic Competitiveness, states that this is a positive sign for market recovery. The fate of the housing market in Florida is tightly bound to that of the labor market, Snaith said. They are like economic conjoined twins improvement in one will invariably help the other. More jobs and lower unemployment will slow foreclosures as well as build the pool of potential buyers; both of these will work to help support prices. As single-family home and condo prices stabilize, the wealth effect of this will make owners more willing to spend, which in turn could boost hiring.

Another influence on the real estate market has been the low mortgage rates. According to mortgage giant, Freddie Mac the national commitment rate for a 30-year fixed rate mortgage averaged out to 4.66% during the second quarter of 2011. During the second quarter of 2010 the rates averaged out to 4.91%. Mortgage rates tend to follow long term treasury bonds and are subject to change significantly, even on a given day.