Florida’s existing home sales in November rose four percent in year-to-year comparisons between 2007 and 2008, continuing the trend of increased volume for a third consecutive month, according to the latest report by the Florida Association of Realtors (FAR). However, the median sales price is down 27 percent from last year.

Sales in November, 2008, were 8,571, up from 8,269 in the same month of 2007. The median price for November, 2008 was $158,300. A year ago, it was $217,000.
“We have favorable affordability conditions, but we need more than that to give buyers with jobs the confidence they need,” to return to the housing market, said NAR chief economist Lawrence Yun. “This is why a housing stimulus is so critical now to encourage more buyers to draw down the inventory and stabilize home prices. Without home price stabilization, there will not be an economic recovery.”
In the Orlando metropolitan statistical areas (MSA), home sales increased 15 percent from 1,277 in November, 2008, compared to 1,108 last year, but median sales price decreased 30 percent from $239,000 to $167,900 last year.