Sales of existing homes and condos in Florida were down in November, traditionally a slow month for the housing sector, and the Jacksonville market went down, too.
Condominium non-sales were dramatic: they plummeted as the apartment conversions apparently flooded the market.
Statewide, 11,912 existing single-family homes sold in the November, a decrease of 30 percent from the 17,088 homes sold during the previous November, according to the Florida Association of Realtors. In the Northeast Florida area, the decrease was 19 percent, from 1,280 in November 2005 to 1,039 for a 19 percent decrease.
The statewide existing-home median price was $242,500 last month; a year ago, it was $250,400 for a decrease of 3 percent, according to FAR. North Florida prices held firm with a $200 drop from $182,200.
In the condo market, sales also declined in November with a total of 3,346 condos sold statewide compared to 5,198 in November 2005 for a 36 percent decrease. That wasn’t close to the plunge in Jacksonville: from 203 to 92, a 55 percent decrease.
The statewide median sales price for condos was $206,000; a year ago, it was $215,100 for a 4 percent decrease. That was the same percentage as Jacksonville, which went from $173,200 to $167,100.
Nationally, the median sales price for existing single-family homes was $221,300 in October, down 3.4 percent from a year ago, according to the National Association of Realtors. In California, the statewide median resales price was $548,680 in October; in Massachusetts, it was $341,000; in Maryland, it was $307,135; and in New York, it was $235,000.
Housing market fundamentals are improving, according to NAR’s latest market outlook, and 2006 is expected to be the third strongest sales year on record nationally. NAR Chief Economist David Lereah notes that strong job creation, historically low and declining mortgage interest rates and the demographics of a growing population provide a solid foundation for home ownership opportunities. Following a period of price adjustment, Lereah predicts buyers will show more confidence in the market, adding that “a lift to home sales should be apparent in the first quarter of 2007.”
According to Freddie Mac, a 30-year fixed-rate mortgage averaged 6.24 percent last month, down from 6.33 percent in November 2005. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
