Although, home sales fell nationally last month in an annual comparison, the State of Florida is showing a gain! Existing home sales jumped 16% over last months sales and existing condos rose 21%, according to the Florida Association of Realtors (FAR).

These statistics mark the ninth month in row that existing home sales have shown a rise in activity. The difference in May’s home sales is that we are starting to see the prices stabilize. The median sales price, the midpoint, for existing home sales in Florida was at $144,400 in May, this shows a drop from last year’s $203,800!

Potential homebuyers are definitely beginning to respond to the favorable market conditions, between the $8,000 first-time homebuyer tax credit and the bargain prices, the market has become enticing.