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Home sales increasing in parts of Florida

According to a report from Florida Realtors, home sales were up 21.5 percent in South Florida in March 2015 when compared to March 2014. There were a total of 4,328 single-family homes that sold for a median price of $275,000, which is an increase of 3.9 percent. Throughout the entire state, home sales increased 24.6 percent, and the median sales price was $190,000, which represented an increase of 9.2 percent.

An increase was also seen in the number of townhouses sold in both South Florida and the state as a whole. Sales of townhomes and condos increased 13.7 percent and prices on those properties increased 8.6 percent. In the southern part of the state, sales increased by 7.3 percent and prices increased by 8.6 percent. Palm Beach County and Broward County were seen as the two counties with the strongest growth in both single-family home sales and townhome and condo closings.

Those who are familiar with Florida real estate say that growth is being fueled by owner-occupants of these properties. At the lower end of the market, home inventories are lower and available properties are staying on the market for a shorter period of time. However, homes with higher price points are still struggling to sell, which is seen as a possible concern for the overall real estate market going forward.

Closing on a residential property can often be a complicated process with a variety of documents to review and sign. Therefore, it is often a good idea for a buyer to have an attorney present to ensure that the real estate transaction proceeds smoothly.

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