Despite favorable mortgage interest rates, strong job growth and other positive economic conditions, statewide sales of existing single-family homes in Florida totaled 12,954 in June and were closer to activity levels in June 2002 - prior to the housing boom years - than June 2006 figures when 18,607 homes sold for a 30 percent decrease in the year-to-year comparison, according to the Florida Association of Realtors.
The Jacksonville area showed big decreases. Home sales were off 25 percent and condo sales dropped 39 percent.
Florida’s median sales price for existing single-family homes was $243,200; a year ago, it was $256,200 - that’s a 5 percent decrease. (The median is the midpoint; half the homes sold for more, half for less.) In June 2002, the statewide median sales price for single-family homes was $142,400, for an increase of 70.8 percent over the five-year-period, according to FAR records.
In May 2007, the national median sales price for existing single-family homes was $223,000, down 2.4 percent from the previous year, according to the National Association of Realtors. In California, the statewide median resales price was $591,180 in May; in Massachusetts, it was $355,000; in Maryland, it was $312,683; and in New York, it was $239,000.
Sales of existing condominiums in Florida also decreased with a total of 4,004 condos sold statewide compared to 5,532 in June 2006 for a 28 percent decline, according to FAR. The statewide median sales price for condos last month was $206,100, down 3 percent from June 2006’s condo median price of $213,200. NAR reported the national median existing condo price was $228,200 in May 2007.
Interest rates for a 30-year fixed-rate mortgage averaged 6.66 percent, according to Freddie Mac, lower than the average rate of 6.68 percent in June 2006. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
