According to the Florida Association of Realtors (FAR), this is the 6th month in a row that existing home sales have shown an incline when comparing statistics from year to year!

Existing home sales increased 20% in February of 2009, which is not only higher than February of 2008, but 16.7% higher than January of 2009! Condominium sales are also on the rise again, increasing 25.1% in comparison with January sales. So, what is it that is enticing home buyers once again?

Is it the incredibly low interest rates? According to Freddie Mac, interest rates for a 30-year fixed mortgage are averaging out at 5.13%, which is much lower than last years interest rates!

Is it the first time home buyer incentives? An $8,000 federal tax credit is available for first time home buyers that purchase a home during the year of 2009, which, unlike last year's tax credit, doesn't have to be repaid.

Maybe it's the record low home sale prices! The median home sale price for existing homes in the state of Florida is $141,900, according to FAR, last year is was $199,300!

Whatever the reason, existing home sales are definitely on the rise, keep in mind, however, that these incentives, interest rates and low home prices won't last forever, get in on them while you can!