ORLANDO, Fla., Aug. 25 /PRNewswire/ -- Single-family existing home
sales rose in Florida for the first time in more than two years: While only
six more homes sold in July 2008 than in July 2007, it could indicate
stabilization in Florida's housing sector, according to the latest housing
statistics released by the Florida Association of Realtors(R) (FAR).
A total of 11,498 existing homes sold statewide last month while 11,492
homes sold in July 2007, maintaining the same level of sales activity in
the year-to-year comparison, according to FAR. The last time statewide
sales of existing homes outpaced the previous year's sales figure was in
the year-end 2005 report, according to FAR records, when sales were up 2
percent over year-end 2004.
Florida's median sales price for existing homes last month was
$193,600; a year ago, it was $238,900 for a 19 percent decrease. But,
looking back to July 2003, the statewide median sales price for
single-family homes has increased 18 percent over the five-year-period,
according to FAR records - at that time, the statewide existing-home median
price was $164,000. The median is the midpoint; half the homes sold for
more, half for less.
The national median sales price for existing single-family homes in
June 2008 was $213,800, down 6.7 percent from a year earlier, according to
NAR. In California, the statewide median resales price was $368,250 in
June; in Massachusetts, it was $334,900; in Maryland, it was $306,083; and
in New York, it was $219,000.
Industry analysts predict that the housing stimulus bill recently
passed by Congress should help boost the housing sector's recovery.
Existing home sales nationwide are expected to show some modest improvement
in the coming months, according to the latest housing outlook from the
National Association of Realtors(R) (NAR). "With a tax credit now available
to first-time home buyers, increases in home sales could be sustained with
the momentum carrying into 2009," says NAR Chief Economist Lawrence Yun.
In a year-to-year comparison for condos, 3,375 units sold statewide
compared to 3,641 in July 2007 for a 7 percent decline. The statewide
existing-condo median sales price last month was $168,500; in July 2007 it
was $194,100 for a 13 percent decrease. NAR reported the national median
existing condo price was $224,200 in June 2008.
Last month, interest rates for a 30-year fixed-rate mortgage averaged
6.43 percent, down from the average rate of 6.70 percent in July 2007,
according to Freddie Mac. FAR's sales figures reflect closings, which
typically occur 30 to 90 days after sales contracts are written.
More than half of Florida's metropolitan statistical areas (MSAs)
reported increased sales of existing homes in July; seven MSAs also showed
gains in condo sales. Realtors around the state reported increased business
activity, including more telephone calls, more home showings and a rise in
pending sales.
Among the state's large to medium-size markets, the West Palm-Boca
Raton MSA reported a total of 652 homes sold in July compared to 605 homes
a year ago for an 8 percent increase. The existing home median sales price
was $291,300; a year ago, it was $372,200 for a 22 percent decrease. A
total of 510 existing condos sold in the MSA last month compared to 440
condos the previous July for a 16 percent increase. The market's existing
condo median price was $152,300; a year ago, it was $178,200 for a 15
percent decrease.
Two charts showing statistics for Florida and its 20 MSAs are attached.
One chart compares the volume of existing, single-family home sales and
median sales prices in July 2008 to July 2007 based on Realtor
transactions; the other compares the volume of existing, condominium sales
and median sales prices July 2008 to July 2007 based on Realtor
transactions.
The Florida Association of Realtors(R), the voice for real estate in
Florida, provides programs, services, continuing education, research and
legislative representation to its 125,000 members in 67
boards/associations.
Florida Sales Report - July 2008
Single-Family, Existing Homes
Realtor Sales Median Sales Price
Statewide &
Metropolitan Statistical July July % July July %
Areas (MSAs) 2008 2007 Chge 2008 2007 Chge
STATEWIDE* (1) 11,498 11,492 - $193,600 $238,900 -19
STATEWIDE-YEAR-TO-DATE 72,347 83,598 -13 $201,000 $240,100 -16
Daytona Beach 595 575 3 $171,100 $204,600 -16
Fort Lauderdale 581 559 4 $303,600 $373,700 -19
Fort Myers-Cape Coral 768 426 80 $154,900 $246,100 -37
Fort Pierce-
Port St. Lucie 415 371 12 $159,300 $231,300 -31
Fort Walton Beach 217 257 -16 $218,200 $228,800 -5
Gainesville 205 319 -36 $187,800 $199,200 -6
Jacksonville (2) 831 1,073 -23 $180,800 $193,100 -6
Lakeland-Winter Haven 267 253 6 $138,300 $172,600 -20
Melbourne-Titusville-
Palm Bay 478 458 4 $152,600 $195,800 -22
Miami 392 505 -22 $322,700 $377,400 -14
Marco Island (3) 31 26 19 $462,500 $540,900 -14
Ocala 167 236 -29 $140,600 $166,500 -16
Orlando 1,656 1,484 12 $209,100 $258,000 -19
Panama City 111 147 -24 $204,400 $215,000 -5
Pensacola 321 427 -25 $157,300 $173,600 -9
Punta Gorda 200 185 8 $141,800 $179,600 -21
Sarasota-Bradenton 657 711 -8 $230,100 $277,700 -17
Tallahassee 218 250 -13 $205,900 $210,200 -2
Tampa-St. Petersburg-
Clearwater 2,174 2,068 5 $176,500 $215,600 -18
West Palm Beach-
Boca Raton 652 605 8 $291,300 $372,200 -22
(1) * Statewide figure includes data from the Naples Area Board of
Realtors.
(2) Data from the St. Augustine & St. Johns County Board of Realtors was
not available.
(3) Data is only from the Marco Island Association of Realtors.
Editor's note: Sales numbers represent totals of Realtors' closed
transactions from local Realtor boards/associations within the MSAs.
This information is based on a survey of MLS sales levels from
Florida's Realtor boards/associations. MSAs are defined by the 2000 Census.
Source: Florida Association of Realtors and the University of Florida
Bergstrom Center for Real Estate Studies.
Florida Sales Report - July 2008
Existing Condominiums
Realtor Sales Median Sales Price
Statewide &
Metropolitan Statistical July July % July July %
Areas (MSAs) 2008 2007 Chge 2008 2007 Chge
STATEWIDE* (1) 3,375 3,641 -7 $168,500 $194,100 -13
STATEWIDE-YEAR-TO-DATE 23,326 27,728 -16 $177,900 $211,400 -16
Daytona Beach 103 91 13 $265,600 $320,600 -17
Fort Lauderdale 559 562 -1 $138,300 $187,200 -26
Fort Myers-Cape Coral 174 129 35 $210,400 $230,400 -9
Fort Pierce-
Port St. Lucie 65 48 35 $151,700 $166,700 -9
Fort Walton Beach 67 61 10 $358,300 $380,800 -6
Gainesville 124 173 -28 $143,100 $146,600 -2
Jacksonville (2) 84 134 -37 $148,000 $170,000 -13
Lakeland-Winter Haven 9 12 -25 $127,500 $100,000 28
Melbourne-Titusville-
Palm Bay 98 114 -14 $162,900 $187,500 -13
Miami 395 509 -22 $230,700 $285,800 -19
Marco Island (3) 41 39 5 $470,000 $475,000 -1
Ocala 3 5 -40 $65,000 $82,500 -21
Orlando 151 179 -16 $121,900 $147,700 -17
Panama City 55 55 - $203,100 $305,000 -33
Pensacola 39 42 -7 $325,000 $311,100 4
Punta Gorda 15 12 25 $142,500 $130,000 10
Sarasota-Bradenton 199 299 -33 $227,200 $231,400 -2
Tallahassee 13 43 -70 $98,300 $94,500 4
Tampa-St. Petersburg-
Clearwater 483 543 -11 $147,300 $172,100 -14
West Palm Beach-
Boca Raton 510 440 16 $152,300 $178,200 -15
(1) * Statewide figure includes data from the Naples Area Board of
Realtors.
(2) Data from the St. Augustine & St. Johns County Board of Realtors was
not available.
(3) Data is only from the Marco Island Association of Realtors.
Editor's note: Sales numbers represent totals of Realtors' closed
transactions from local Realtor boards/associations within the MSAs.
This information is based on a survey of MLS sales levels from
Florida's Realtor boards/associations. MSAs are defined by the 2000 Census.
Source: Florida Association of Realtors and the University of Florida
Bergstrom Center for Real Estate Studies.
SOURCE Florida Association of Realtors(R)
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