Florida’s housing sector continued to show a more sustainable pace of sales in February while still-low mortgage rates sparked buyer interest, according to the Florida Association of Realtors. Statewide, sales of single-family existing homes totaled 10,779 compared to 14,080 homes sold in February 2006 for a 23 percent decrease.
Florida’s median sales price for existing single-family homes in February was $235,500; a year ago, it was $242,500 for a 3 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In February 2002, the statewide median sales price for single-family homes was $131,800 for an increase of about 78.7 percent over the five-year-period, according to FAR records.
Sales of existing condominiums in Florida also decreased with a total of 3,172 condos sold statewide compared to 4,397 in February 2006 for a 28 percent decline, according to FAR. The statewide median sales price for condos last month remained flat at $212,200; a year ago, it was $213,000. NAR reported the national median existing condo price was $222,200 in January 2007.
The Jacksonville market fared better than most, losing only 5 percent in home sales and gaining 1 percent in home prices. The overbuilt condo market was reflected in sales: off 42 percent with a 2 percent decrease in price.
In January 2007, the national median sales price for existing single-family homes was $209,200, down 3.5 percent from the previous year, according to the National Association of Realtors.
Existing home sales likely will gradually rise this year and into 2008, according to NAR’s latest housing outlook.
“Underlying trends point to a housing recovery in 2007, but it will take a couple months for us to get a better handle on it,” says NAR Chief Economist David Lereah. “Existing-home sales are expected to slowly improve from what appears to be the cyclical low last fall.”
