Florida's Housing Market Shows Signs of Strength

According to the latest report by Florida Realtors, Florida's housing market is showing new signs of strength.

Home sales are up 17% from the beginning of this year and condo sales are up 8%. The reasons for the increase in sales are low prices and low mortgage rates. The median price for a home in Florida is $135,000 - 5% lower than last year.

Low home prices and low mortgage rates are making Florida homes affordable to those who were previously unable to buy a home.

Seasonal Uptick in South Florida Home Prices

South Florida home prices inched up this May, but analysts say the increase may just be seasonal.

Since April, home prices in Miami-Dade, Broward and Palm Beach Counties rose 1.2%. However, analysts say there is more demand in the early summer months, resulting in seasonal higher home prices.

Florida Realtors reported an increase of 26% over last year for median home prices in Broward County, yet a 12% drop for median home prices in Palm Beach County.

South Florida home sales have been strong this year, but they still have a long way to go.