Florida existing home sales up +25% in October

Sales of existing Florida homes increased by +25.3% in October vs. October 2011. Pending sales ( sales expected to close with 90 days ) rose +56.7%. The median sales price was up +9% to $145,000.The unemployment rate dropped to 8.5%...the lowest in 4years. Nationally, the increase in October existing home sales was +10.9% with the median sales price at $152,200 (+8.2%). There were just 2.14 million existing homes nationally listed for sale at the end of October, reaching a 10 year low in housing inventory. This is putting upward pressure on prices.