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There’s bittersweet news tonight about Florida’s real estate market. For the first time in almost three years Florida’s existing home sales are up almost 25 percent. While sales are on the rise, the median price of a home fell about 20 percent. The average cost of a home in September of 2007 was about 225,000 dollars. This September the cost fell about 50,000 dollars to 175,000. Real Estate Agent Penny Herman said now is the time to buy.

“People were waiting maybe for the bottom to hit and I think statistics show that the bottom has hit, because now people are entering the market. They’re buying. They’re realizing there has not been a better time in years to buy houses,” said Herman.

Short sales may have contributed to the falling price. A short sale is when people sell their homes at a reduced rate to keep them from falling into foreclosure.