from the Florida Association
of Realtors
Florida’s housing sector continued to adjust to a more sustainable pace of sales in September with many markets reporting higher inventory levels of homes for sale; however, still-low mortgage rates also sparked buyer interest.
A total of 13,485 existing single-family homes sold statewide last month, a decrease of 34 percent from the 20,451 homes sold during the previous September, according to the Florida Association of Realtors. Statewide, the existing-home median price slipped 1 percent to $243,900 last month; a year ago, it was $246,100, according to FAR.
In September 2001, the statewide median sales price was $134,000, representing an increase of about 82 percent 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 metropolitan statistical area reported 1,191 existing homes sold last month compared to 1,546 homes sold a year ago for a 23 percent decline. The market’s median existing home price fell slightly to $190,800. A year ago, it was $194,400. A total of 109 existing condos changed hands in Jacksonville in September for a 52 percent decrease over the 229 condos sold the previous year. The market’s median existing condo price remained flat at $176,700; at year ago, it was also $176,700.
Data from the St. Augustine-St Johns County Board of Realtors was not available.
Nationally, the median sales price for existing single-family homes was $225,700 in August, down 1.7 percent from a year ago., according to the National Association of Realtors. In California, the statewide median resales price was $576,360 in August; in Massachusetts, it was $352,000; in Maryland, it was $317,738; and in New York, it was $271,350.
Real estate is cyclical in nature, housing industry analysts note, and current market conditions arrived after five years of record-level growth. The U.S. housing market is showing signs of life and sales may be leveling out, according to NAR’s latest market outlook, which expects 2006 to be the third strongest sales year on record nationally. Sales activity should pick up early next year, given a positive economic backdrop of lower interest rates and job creation, says NAR Chief Economist David Lereah.
Looking to Florida’s existing condominium market, sales of existing condos also decreased in September, with a total of 3,819 condos sold statewide compared to 6,930 in September 2005 for a 45 percent decrease, according to FAR. The statewide median sales price for condos last month was $201,900; a year ago, it was $215,500 for a 6 percent decrease. The national median existing condo price in August 2006 was $223,200.
According to Freddie Mac, a 30-year fixed-rate mortgage averaged 6.40 percent last month, up from 5.77 percent in September 2005. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.