More Florida Resales Seen, But Some Buyers Still Hang Back

Distressed sales in Florida during November continued to boost the state's existing home market on a year-to-year basis but Realtors say buyers there and nationwide have yet to fully return to the market. The Sunshine State saw existing home sales rise 4% year-to-year to 8,751 during the month when the median price, at $158,300 was down 27% compared to a year ago, according to the Florida Association of Realtors. "Market conditions nationwide continue to vary with solid sales gains in some areas, including many Florida markets," said the National Association of Realtors. "We have favorable affordability conditions, but we need more than that to give buyers with jobs the confidence they need (to return to the housing market)," said NAR chief economist Lawrence Yun.