Cheap Foreclosed House Sales Up in Florida
September home sales in Florida rose significantly making it 13 months of consecutive sales increases in the state. And cheap foreclosed house sales continued to have a sizable share in the total home sales.
Last month, year-to-year home sales increased by 34 percent to 14,419 compared with 10,778 in the same month the previous year. Also, home sales in September represented a 4.1 percent increase compared with August sales activity.
On the other hand, market data showed that sales of condominiums across the state rose by 77 percent last month from the same month a year ago. September condominium sales also represented an 8.9 percent increase over the total number of houses sold in August.
All metropolitan statistical areas (MSA) in Florida posted home sales increases last month. Similarly, condominium sales also increased in all MSAs except one. According to market data, majority of Florida MSAs reported sales increases for 15 straight months.
Meanwhile, the median home sales price in Florida dropped to $142,000 last month from a year ago $174,900, representing a 19 percent decline. Housing analysts said that cheap foreclosed house sales remained to be the major contributor in home sales gains.
They said that foreclosure properties pulled down home prices and values in the state. However, low-priced houses are what attracted first-time buyers to flock to the state and use their federal tax credit of $8,000 to make home purchases.
Nationwide, the median sales price for single-family houses was $177,500 in August, a drop of 12.1 percent compared with the previous year. Massachusetts posted median resale price of $315,000, $292,960 in California, $205,000 in New York and $265,862 in Maryland.
Industry experts note several positive signs pointing towards a housing market recovery. Foremost of these signs is the rising home sales in several areas in the country where foreclosure rates are high.
They believed that extending and expanding the federal tax credit for first-time homebuyers would greatly help in stabilizing home prices and expediting the recovery of the housing market. They pointed out that the federal tax credit is the best housing recovery program so far of the Obama Administration.
They added that the program not only encouraged homeownership but also help reduce the number of cheap foreclosed house that is glutting the market and affecting home prices and values.
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