Florida Home Resales and Prices Dip in June

Statewide sales of existing homes fell 4 percent last month compared to June 2010, and the median sale price fell to $138,000, a drop of 2 percent, according to a report from the Florida Association of Realtors released Wednesday. Condo sales in Florida rose slightly in June, up 8 percent in the year-over-year comparison, with median sales prices ticking up 2 percent to $93,900.

A National Association of Realtors economist tied the dismal housing market to the sluggish economy and slow job creation.

"The job market has sputtered recently, and because variations in local job creation impact housing demand, markets will recover unevenly around the country. If banks would simply return to normal, sound underwriting standards and begin lending to more creditworthy borrowers, we'd get a much faster recovery in the housing sector," said NAR chief economist Lawrence Yun.