Florida Existing Homes Sales Ease

ORLANDO, Fla., March 23 /PRNewswire/ -- Rising inventory levels and still-low mortgage rates continued to affect Florida's housing market, which isadjusting to a better balance between buyers and sellers following a five-year run of record-pace sales. Statewide, sales of single-family existing homes totaled 13,539 in February compared to 16,916 homes a year ago, for a20 percent decrease, according to the Florida Association of Realtors(R)(FAR). Realtors from across the state report that the supply of homes available for sale in their markets is improving, offering buyers more housing opportunities.

The statewide median price for single-family existing homes last month was $244,200, up 24 percent from the February 2005 statewide median of $197,700. In February 2001, the statewide median sales price was $118,200, which shows an increase of about 106 percent over the five-year period, according toFAR records. The median is a typical market price where half the homes sold for more, half for less.