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Housing Sales Up, Prices Down

February 25th, 2009 by flanews

Falling real estate prices are driving an increase in existing home sales.

From December to January, Florida home sales rose 24 percent. Prices are down 33 percent in the same time period. The median price of a home in Florida is down to 140,000 dollars. Florida Association of Realtors Spokesman John Sebree said the market is great for first time home buyers.

“It’s been a buyers market for a couple of months, and you know they always say you’ll never know when you’ve hit the bottom until it’s past you but I think home values will continue to fall. The existing home prices are down again this month but they’re probably not going to be able to go much further.”

Right now first-time homebuyers can receive an 8,000 dollar tax credit as part of a stimulus package plan to revive the real estate market.

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