Florida’s housing resale market was up 16 percent in July but North Florida isn’t riding the wave.
According to the Florida Association of Realtors, 19,724 existing single-family homes sold compared to 16,939 homes in July 2002.
The big jump wasn’t reflected in North Florida, however — the market suffered a 7 percent decline over last year. It was the only area of the state to show a decline.
Permits for new housing remained at a high level, however.
Through last month, 6,939 permits have been issued in the Jacksonville MSA of Duval, Nassau, Clay and St. Johns counties compared to 6,132 for the first seven months of 2002.
At the same time, the statewide median sales price also rose 13 percent to $164,000; a year ago, it was $144,700. Sales in North Florida were up 18 percent from $129,500 to $153,300.
In July 1998, the statewide median sales price for existing single-family homes was $103,800, representing a 57.9 percent increase over the five-year period.
Florida’s median sales price compares favorably to the national median sales price for existing single-family homes, which was $176,500 in June, up 7.7 percent from June 2002 when the median price was $163,900.
The housing sector continues to buoy the U.S. economy even as the recovery gains strength and the stronger economy spur slightly higher mortgage rates. Realtors across the state continue to report strong sales and tight inventory as homebuyers seek to enter the market now instead of waiting to see if rates will drop.
Interest rates for a 30-year fixed-rate mortgage averaged 5.63 percent in July, a significant drop from the 6.49 percent rate averaged for the same month last year. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s larger metropolitan statistical areas (MSAs), Tampa-St. Petersburg-Clearwater reported the largest number of sales last month: A total of 3,289 homes changed hands compared to 2,469 homes a year ago for a 33 percent increase. The median sales price rose 8 percent to $151,000; a year ago, it was $139,400.
Other large Florida MSAs reporting strong sales activity for July compared to a year ago include: Orlando, where 3,065 homes changed hands for a 19 percent gain; and Fort Lauderdale, where 1,469 homes sold for a 6 percent increase. The median sales price of the homes sold in those markets also rose last month: in Fort Lauderdale, 16 percent to $236,700, and in Orlando, 14 percent to $152,500.
Among the state’s smaller MSAs, Ocala posted the biggest percentage increase in July home sales, with a total of 540 homes sold compared to 368 homes a year ago for a 47 percent gain. The area’s median sales price rose 20 percent to $101,500 last month; a year ago, it was $84,500.
Other smaller MSAs reporting major increases in resales activity last month compared to a year ago include Naples, where 450 homes sold for a 35 percent jump; and Panama City, where 233 homes changed hands, also for a 35 percent gain. The median sale price in those markets also rose in July: in Naples, 20 percent to $309,600; and in Panama City, 13 percent to $137,900.