According to the latest housing data released by Florida Realtors, both existing home and condo sales increased in November.
This marks the second month in a row that all of Florida’s metropolitan statistical areas (MSAs) reported growth in both home and condo sales, and for a majority of the state’s MSAs, November represents the 17th consecutive month of increased sales.

“The extended and expanded federal homebuyer tax credit will continue the positive momentum of the housing sector’s recovery, said Cynthia Shelton, 2009 Florida Realtors president. “People will want to take advantage of this incredible, not-to-be-missed opportunity to buy a home of their own in Florida.”

Marking 15 months of rising sales activity in the year-to-year comparison, Florida’s existing home sales rose again in November. With a total of 14,026 homes sold statewide, existing home sales jumped 61 percent compared to November 2008. An even more notable increase was seen in condo sales this November. Compared to one year earlier, condo sales skyrocketed 111 percent.

“For 15 months now, statewide sales of existing single-family homes in Florida have increased each month compared to the year-ago figures,” Shelton said. “The continued, gradual absorption of housing inventory will help stabilize home prices. National research notes that housing affordability is at its peak and the highest on record. Along with still-low mortgage rates, it means that the buying power of a typical family has never been better.”

Florida’s median sales price for existing homes in November decreased 12 percent year-over-year to $139,000, the report said. However, housing industry analyst with the National Association of Realtors (NAR) said the sales of foreclosures and other distressed properties continue to downwardly distort the median price. The statewide existing condo median sales price was hit even harder last month. At $104,400, the median sales price for condos fell 21 percent.

According to Freddie Mac, interest rates also fell in November. For a 30-year fixed-rate mortgage, interest rates averaged 4.88 percent, a significant drop from the average rate of 6.09 percent in November 2008.

Lawrence Yun, NAR chief economist, said it is important to keep in mind that housing had been underperforming over most of the past year. He said the tax credit helped unleash pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future. If home values show consistent stabilization or even a modest increase, Yun said home sales could register normal healthy levels in the second half of 2010.