Existing Home Sales Up Again in October

With prices off 24 percent from where they were just a year ago, Florida homebuyers are scooping up bargains. Existing home sales rose again in October, increasing 15 percent over what they were in October 2007, the Florida Association of Realtors reported.

Sales of existing condos statewide were up 5 percent year-to-year last month, the FAR said Monday. It's the small ray of sunshine in the otherwise gloomy housing market – with prices having fallen, those who are buying a home and don't have to sell an old one are getting some serious value.

Florida's median sales price for an existing home in October was $169,700, down from $222,200 just a year ago. The bottom – if we're at the bottom – has dropped even lower in Florida than elsewhere. National median sales prices for existing homes are only off 8.6 percent from a year ago, compared to 24 percent in Florida. The Realtors reported that 2,956 condo units sold statewide last month compared to 2,805 sold in October 2007 for a 5 percent increase. The statewide existing condo median sales price last month was $147,600; in October 2007 it was $192,300, 23 percent higher than it is now.