from staff
Florida’s housing sector followed the national trend for the first quarter of 2006, showing signs of a market adjusting to rising mortgage rates, higher inventory levels and a better balance between buyers and sellers.
The Jacksonville metropolitan statistical area reported 3,987 existing homes sold for the first quarter, a 5 percent increase over the 3,795 homes sold one year ago. The market’s median sales price increased 17 percent to $200,000; a year ago it was $171,400. The median is a typical market price where half the homes sold for more, half for less.
Statewide sales of single-family existing homes totaled 45,864 during the three-month period, a decrease of 20 percent compared to 57,532 homes sold during the same quarter a year ago, according to the Florida Association of Realtors.
The statewide existing-home median sales price rose 20 percent to reach $248,000 in the first quarter; a year ago it was $206,700. In 2001, the first-quarter statewide median sales price was $119,500, which is an increase of about 107.5 percent over the five-year period.
Sales of existing condos also decreased during the quarter, with a total of 15,386 condos sold statewide compared to 19, 657 in the first quarter of 2005 for a 22 percent decline, according to FAR. The statewide median sales price for condos rose 8 percent to $217,700 for the quarter; a year ago, it was $210,800.
The latest economic outlook from the National Association of Realtors notes that while the housing market is adjusting, it should experience its third best year in 2006 with job creation and a growing economy offsetting some of the effects of rising interest rates. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 6.24 percent in the first quarter of 2006; last year, it was 5.76 percent.