Florida’s statewide sales of existing single-family homes in June rose 14 percent with a total of 18,828 homes sold compared to 16,476 homes a year ago, according to the Florida Association of Realtors.
The Jacksonville area wasn’t as hot, however, showing only a one percent increase over the same period.
The statewide median sales price rose 11 percent to $161,900 last month; a year ago, it was $146,100. In June 1998, Florida’s median sales price was $105,800, according to FAR records, which translates to an increase of about 53 percent over the five-year period.
The Jacksonville area came closer there with a 10 percent change.
Florida’s median sales price compares favorably to the national median sales price for existing single-family homes, which was $167,000 in May, up 7.7 percent from May 2002 when the median price was $155,000.
In California, the statewide median resales price was $369,290 in May; in North Carolina, the average resales price was $186,464 for the month; in Illinois, the statewide median price was $172,290; in Virginia, the median price was $164,521; and in Ohio, the average statewide resales price was $147,142.
Across Florida, Realtors in many markets continue to report low inventories of homes for sale and rising prices. Historically low interest rates continued to boost buyer interest in June and likely contributed to the short supply of available homes in many areas. The 30-year fixed mortgage rate averaged 5.23 percent last month, compared to a rate of 6.65 percent recorded in June 2002. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among Florida’s larger to medium-size markets, the Orlando Metropolitan Statistical Area reported a 13 percent increase in resales last month, with a total of 2,807 homes changing hands compared to 2,477 homes sold a year ago. The area’s median sales price rose 11 percent in June, reaching $148,600; a year ago, it was $133,800.
Dean Asher, president of the Orlando Regional Realtor Association and vice president of Don Asher & Associates, says the historically low mortgage rates are attracting scores of first-time and move-up buyers into the Orlando market, as well as those seeking second homes for investment purposes.
“The Orlando housing market is hot,” he says. “Even with more listings than the same time last year, the inventory of homes for sale has actually gone down. The lesson here is if you don’t act quickly, your dream home may not be around tomorrow.”
Other larger markets reporting strong home sales in June include Daytona Beach, where 1,091 homes sold for a 35 percent gain and Tampa-St. Petersburg-Clearwater, where 3,112 homes sold for a 22 percent increase. The median sales price also rose in those markets last month: in Daytona Beach, 30 percent to $133,900; and in Tampa-St. Petersburg-Clearwater, 9 percent to $152,400.
Looking at the state’s smaller MSAs, Fort Walton Beach had a 40 percent boost in resales activity last month, with a total of 388 homes sold compared to 278 homes sold the previous June. The market’s median sales price rose five percent to $154,100; a year ago, it was $146,400.
Low mortgage rates also are a big factor in the increased resales activity in the Fort Walton Beach area, agrees Kerry Veach, president of the Emerald Coast Association of Realtors and broker-owner with Re/Max Southern Realty.
“With two Air Force bases here, the military really is fueling our housing market,” he says. “Hurlburt Field is home to special ops and they’re bringing in 3,000 more people before the end of the summer, and more personnel supposedly will soon be reporting to Eglin Air Force base as well.”
Other smaller MSAs reporting solid home sales last month include Panama City, where 221 homes sold for a 35 percent increase; and Melbourne-Titusville-Palm Bay, where 687 homes changed hands for a 25 percent gain. The median sales price in those markets also rose: in Melbourne-Titusville-Palm Bay, 7 percent to $135,100; and in Panama City, 3 percent to $142,600.