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Local home resales surge in October

MANATEE — Local home and condominium resales rose in October, the Florida Association of Realtors reported today.

Bradenton-Sarasota Realtors sold 812 existing single-family homes last month, a 4 percent increase from the 781 they sold in September and a 49.8 percent increase from October 2008’s 542 homes sold.

The median sales price was $154,500, down from September’s $164,000 and 9 percent below October 2008’s $169,000.

Local Realtors also sold 249 condo units, slightly more than the 247 they sold the previous month. It also was an improvement from October 2008, when 113 units were sold.

The median resales price for condos was $152,800 in October, up from September’s $134,800 but 28 percent less than the $212,500 median recorded in October 2008.

Statewide, home resales rose 45 percent in October. The median sales price was $140,300, down 17 percent from $169,700 in the same month a year ago.

Nationally, home sales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million units in October from a downwardly revised pace of 5.54 million in September and up 23.5 percent from the 4.94 million-unit level in October 2008, the National Association of Realtors reported.

Last month’s sales activity was the highest pace since February 2007, when it hit 6.55 million.

“Many buyers have been rushing to beat the deadline for the first-time buyer tax credit that was scheduled to expire at the end of this month (November), and similarly robust sales may be occurring in November,” said Lawrence Yun, the group’s chief economist. “With such a sale spike, a measurable decline should be anticipated in December and early next year before another surge in spring and early summer.”