Despite the attraction of white, sandy beaches and warm weather, home sales in the state of Florida were significantly down in November of 2007 when compared to the number of existing-home sales recorded in November of last year.

According to the Florida Association of Realtors (FAR), the number of existing single-family homes sales hit 8,106 in November of 2007—a 30-percent drop when compared to the 11,609 homes sold in November of 2006. In addition, FAR says the number of existing condominiums sold in Florida last month decreased by 29-percent when compared to the year before.
Even with the number of home sales down, realtors are noticing more real estate buyers fishing the market due to the lure of lower mortgage rates.
“We’re getting back to the basics of the housing market—find a buyer and you can make a home sale, as long as the price is reasonable,” said Joe Hembree, president of the Sarasota Association of Realtors. “We’re seeing more interest and having a lot more home showings. People understand they have a lot of choices. Mortgage rates remain historically low and it is a great time to buy.”