Different month, same story for sales of existing single-family homes in Florida in April: high demand, still-low mortgage rates and a short supply of homes available for sale, bringing the statewide median sales price to $218,600 - a 26 percent increase over the April 2004 figure, according to the Florida Association of Realtors.
In 2000, the statewide median sales price was $115,900, which represents a dramatic 88.6 percent increase over the five-year-period, according to FAR records. The median is a typical market price where half the homes sold for more, half sold for less.
The Jacksonville area rode the tide, with 1,553 homes changing hands for a 7 percent gain. The median sales price rose 13 percent to $174,100.
A total of 23,537 existing single-family homes changed hands statewide for a 3 percent increase over the 22,746 homes sold the previous April, according to FAR.
Nationally, the median sales price for existing single-family homes was $193,600 in March, up 11.3 percent from a year earlier, according to the National Association of Realtors. In California, the statewide median resales price was $495,400 in March; in New York, it was $278,050; in Maryland, it was $258,736; in North Carolina, the average resales price was $199,750; and in Illinois, the median price was $184,500.
The interest rate for a 30-year fixed-rate mortgage in April averaged 5.86 percent, only slightly higher than the 5.83 percent averaged during the same month a year ago. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s larger markets, the Fort Myers-Cape Coral metropolitan statistical area showed higher sales last month, with a total of 1,266 homes changing hands for a 19 percent gain over the 1,064 homes sold in April 2004. The market’s median home price rose 43 percent to $262,900; a year ago, it was $184,100.
Other larger Florida MSAs reporting strong resales activity last month compared to a year ago included Tampa-Clearwater-St. Petersburg, where 5,105 homes sold for a 19 percent increase and prices were up 23 percent to $183,000.
Of the state’s smaller markets, the Lakeland-Winter Haven MSA reported a 13 percent boost in home sales in April, with a total of 592 homes changing hands compared to 524 homes sold last year. The area’s median sales price rose 25 percent to $126,600; a year ago, it was $101,000.
Other smaller MSAs reporting strong gains in home sales last month include: Gainesville where 386 homes sold for a 27 percent increase; and Ocala, where 594 homes sold, also for a 27 percent increase. The median sales price in those markets increased as well: in Ocala, 10 percent to $131,800; and in Gainesville, 5 percent to $168,100.