Florida home sales rise

First-time homebuyers and condo owners are learning the ropes of homeowners insurance

On a year-to-year comparison, Florida's existing home sales increased in May - for the ninth month in a row.

This news, from the Florida Association of Realtors, comes just as hurricane season gets underway. Now those new homeowners need to not only review their homeowners insurance policies, but investigate whether or not they need additional flood or hurricane insurance as well.

The Florida market for condo sales also picked up during May meaning the condo owners should also shop around for insurance quotes and coverage that meets their needs.

Existing home sales in the state grew by 16 percent compared to April, while existing condo sales rose by nearly 4 percent.

"The improving sales of existing single family homes and condos is a trend we have been seeing for several months in Florida - what is new in this month's data release is that we are seeing evidence of prices beginning to firm," says Sean Snaith, director for the University of Central Florida's Institute for Economic Competitiveness.

The median sales price for an existing home in the state was $144,000 according to the Florida Association of Realtors. One year ago it was $203,800.

Discover how easy shopping can be. Get your free home insurance quotes now.

Posted: June 24, 2009

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