Steven Presson's Blog

Ahead of the pack: Florida leads nation in home-price gains over past year

Florida led the nation in home-price gains in the year ending Sept. 30, according to the Federal Housing Finance Agency.

Florida properties posted a 10.7 percent gain over the past year, topping Oregon’s 10.5 percent and Washington’s 10.4 percent. The District of Columbia finished last, with a 2.7 percent decline.

By another measure, the median price of a house sold by Realtors in Palm Beach County last month was $310,000. That’s up 9 percent from a year ago but down from recent months — and still well below the November 2005 peak of $421,500.

Palm Beach County’s median condo price was $152,750, up 8 percent from a year ago but also down compared to recent months.

Statewide, median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 59th month in a row in October, according to Florida Realtors, the Orlando-based trade group.

Prices have risen in part because foreclosures and short sales have all but disappeared from the market. What’s more, the statewide inventory of houses for sale dipped to just a 4.2-month supply in October.

Source: Palm Beach Post

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Steven Presson is a Luxury Home Specialist and has listed and sold over several hundred million dollars in real estate sales from Highland Beach to Manalapan. He can be reached at 561.843.6057 or by email steven. presson@corcoran.com