Source of Title comments that there may be some light at the end of the proverbial tunnel in Florida. While home prices have taken a hit, possibly a much needed correction, prices are down and sales have had a serious uptick over the last months. Is it a sign that the bottom prices have been met?  Let us hope so, and let those who have an interest in a very affordable second home consider it now. (Printed with permission from SourceofTitle.com)

Florida’s existing-home sales rose in January, making it the fifth month in a row that sales activity showed increases in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR). Existing-home sales rose 24 percent last month with a total of 8,450 homes sold statewide compared to 6,810 homes sold in January 2008, according to FL Assoc of Realtors(r).

“Many people are looking at today’s market and seeing opportunities to find the home or business they’ve always wanted,” said Cynthia Shelton, FAR’s president. “With a range of available housing options, historically low mortgage interest rates and affordable prices, buyers who may have been hesitant before should take a closer look at the current opportunities for homeownership.”

Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in January while 11 MSAs also showed gains in condo sales; it marks the seventh consecutive month that a number of markets have reported increased sales.

Florida’s median sales price for existing homes last month was $139,500; a year ago, it was $206,900 for a 33 percent decrease.